Social Security Report

RI Senator Wants to Exempt Social Security from State Income Tax

A Rhode Island State Senator has filed legislation, that would exempt Social Security income from the state’s personal income tax. The bill filed by Sen. Paul Fogarty, D – Burrillville, would also exempt $25,000 of income received from public and private pensions, interest income, 401K plans and individual retirement accounts from the state tax….27 other states, including Massachusetts and Maine, specifically exempt Social Security income from taxation. Although Rhode Island does not specifically tax Social Security benefits, that income is identified on federal tax returns. Read More…

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