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Will your State, or the IRS, tax your Social Security?
If you’re in that stage of life when you’re planning to claim your Social Security benefits, there’s something you may not have taken into consideration - will either your State of residence or the Federal government take back some of your benefits by taxing them? Well, if you’re lucky enough to live in one of the 37 U.S. states which do not levy a tax on Social Security benefits, the answer is no at the state-level, but that doesn’t mean that the IRS won’t be looking for a share. In this Motley Fool article by Christy Bieber, the author reveals which states tax Social Security benefits and which ones don’t, and also explains when Uncle Sam will be reaching into your pockets for his share. Click here to read more.
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