Social Security Report

Some states tax Social Security income. Here’s a run down.

Where you live in retirement could affect whether your Social Security benefits, already subject to Federal Income Tax, will also be taxed by your State of residence. Seven states have no income tax at all on earnings, 2 states tax only interest and dividend income, and another 28 states totally exempt Social Security income from their income tax structure. That leaves 13 states in which your Social Security benefits may or will become part of your State Income Tax. This article by Rocky Mengle of Kiplinger Money Power appears in the Chicago Tribune and explains all you need to know about which U.S. States levy income tax on Social Security benefits, and which ones don’t.  Click here to read more.

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