State Income Taxes on Social Security Benefits? Some States Tax, and Some Don’t
As you contemplate your retirement, deciding where to spend your golden years may be a part of your decision making process. The overall cost of living in the state you plan to hang your hat is, or should be, an important consideration, and a big piece of that puzzle is whether the state you land in will tax your Social Security benefits. Thirteen states now do, and the exact rules vary within each of those states. But that leaves 37 (soon to be 38) states which don’t tax Social Security benefits, and that could influence where you finally decide to retire. But don’t worry if Uncle Sam will take his share – a portion of your Social Security benefits may be taxable regardless of where you live (and depending upon your overall income from all sources). As you consider your retirement, the information in this article by Kaily Hagen, appearing at The Mooreville (NC) Tribune may provide you with all you need to know about taxation of Social Security benefits. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…