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Every rule has an exception. In this case, filers in certain states need to be aware of their state's tax requirements. There are 12 states that tax Social Security benefits. These include ...
New Hampshire*. South Dakota. Tennessee. Texas. Washington. Wyoming. *While New Hampshire doesn't tax workers' wages, note that it will tax interest and dividend payments in excess of $2,400 per ...
6. Move to a Tax-Friendly State. Some states have lower or no state income taxes, which can significantly impact your overall tax burden in retirement. If feasible, consider relocating to a tax ...
New Hampshire – no individual income tax. The state taxes dividends and interest at 3% in 2024. The former 5% tax was decreasing by 1% each year, but a 2023 law accelerated the repeal to the start of 2025. For large businesses, the 0.55% Business Enterprise Tax is essentially an income tax. The state also has a 7.5% (2024) Business Profits Tax.
State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table includes the per capita tax collected at the state level.
The post 5 Tax Strategies for Your Retirement Income appeared first on SmartReads by SmartAsset. But ignoring the tax consequences of your retirement income can take a bite out of your nest egg.
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