Planning ahead for the future is advised, so here is some information on your SS income and taxes.
Wealth Up ~ "You’ve worked hard all your life, but now it’s time (or almost time) to retire. One of your greatest fears is not having enough money to make ends meet in your golden years. If you don’t have a pension, and your 401(k) or IRA accounts are a bit light, you might have to rely more heavily on your Social Security benefits than you had hoped. So any taxes on your Social Security can be a difficult pill to swallow.
At the federal level, wealthier retirees can have up to 85% of their Social Security benefits taxed. Thankfully, Uncle Sam doesn’t tax that much of everyone’s benefits. In fact, depending on your income, you might not have to pay any federal income tax on your Social Security payments.
But here’s something a lot of people don’t realize (or plan for)—your state might tax your Social Security benefits, too. As it stands right now, 10 states will tax Social Security benefits to one extent or another in 2024. That’s the bad news.
The good news is that states are trending away from taxes on Social Security benefits. In fact, two states completely eliminated their tax on Social Security benefits starting in 2024. Another even passed a law to phase out their tax on Social Security benefits by 2026 in March of this year. Keep reading to see if your state is one of them.
We’ll also touch on other state taxes you might face living in these states, such as state sales taxes, property taxes, and more." ~ Wealth Up
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