Some States Tax Social Security Benefits Too!
Everyone who already collects Social Security surely knows that the Federal Government can collect income tax on your Social Security benefits if your income from all sources is high enough. But many are surprised to find out that, depending upon where they live, their State may also tax their Social Security benefits. In fact, there are 13 U.S. States which levy a tax on Social Security benefits, each with their own rules on how much of your benefits they’ll tax. In this Motley Fool article by Sean Williams, the author identifies the States which levy an income tax on Social Security benefits, and describes how some of those States are changing their rules. Click here to read more.