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Every state taxes retirement income a bit differently. More often than not, the way retirement income is taxed can impact a person's decision on where to spend retirement. Discover More: 7 Tax...
Here are 13 states that won't tax your Social Security, 401(k), individual retirement account (IRA), or pension income. A map of the U.S. overlaid with $100 bills. Image source: Getty Images.
There's a catch with one of these states, though. Although the state of Washington doesn't tax most retirement benefits, it does tax capital gains. This tax might have gone away, but a ballot ...
Here's a look at how various states tax retirement income. ... Washington state does feature a state capital gains tax, but only for high earners. ... Pennsylvania. The 41 states that don't tax ...
The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes. This table does not include federal tax revenue data from U.S. Armed Forces personnel stationed overseas, U.S. territories other than Puerto Rico, and U.S. citizens and legal residents living ...
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...
Most retirement income is subject to state income tax in North Carolina, but residents with a taxable income of $47,150 or less are exempt. If your taxable income is between $47,151 and $238,200 ...
Tax-efficient withdrawal strategies: Consider the timing and sequence of your retirement account withdrawals to minimize tax impact. Strategies like Roth conversions , or the use of taxable and ...