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Luckily, some states don’t have income tax, which in turn translates into no taxes on retirement distributions, and some states exempt retirement income from taxation.
Here’s what you need to know about how different states tax retirement income, including the states where you won’t pay taxes at all.
See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. Here's a rundown of those states.
Forty-seven states and many localities impose a tax on the income of corporations. [1] State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. These tax rates vary by state and by entity type.
Pension income isn't being considered either, although in most cases, states that impose income tax on retirees' retirement income also tax pension income, at least to some degree.
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.
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