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Seniors living in Vermont can expect to pay between 3.35% and 8.75% in state income tax, but whether your Social Security benefits are excluded depends on your filing status and adjusted gross income:
For many Americans, Social Security benefits are not taxable. However, if you earn above certain threshold amounts - at least $25,000 for individuals and $34,000 for joint filers - at least a ...
Federal Tax Filing Type. Combined Income. Percentage of Social Security Benefits That Are Taxable. Single. Less than $25,000. 0%. $25,000 to $34,000. Up to 50%
If the total annual income is above $44,000, up to 85% of your Social Security income may be taxable. You can also use the IRS worksheet from Publication 915 to calculate how much of your Social ...
In the state of New Mexico, low income retirees 65 and older can take an $8,000 exemption on Social Security 65 and older if they have an adjusted gross income of $28,500 (single filer) or $51,000 ...
As of 2023, taxes on Social Security benefits in New Mexico have been phased out for individuals earning less than $100,000 a year and married people filing jointly who earn less than $150,000.