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What Are The Rules On Taxation Of Benefits?
Hi,
Is there a good source for checking which states don't tax pension or SS benefits? Will the Fed tax my pension & SS benefits? If yes, how do I estimate the amount? Can state taxes change each year?
Thanks, Laura
Hi Laura,
Here's an article from Kiplinger that I found, but I can't attest to it's accuracy: http://www.kiplinger.com/article/retirement/T051-C000-S001-which-states-tax-social-security.html. State tax rules are determined by the various state legislatures, and can be changed in accordance with state laws.
As far as federal taxation of Social Security benefits is concerned, the beneficiary's income level is the determining factor as to whether or not and at what rate his or her benefits are taxed. Here is a link with more information: https://faq.ssa.gov/link/portal/34011/34019/article/3831/must-i-pay-taxes-on-social-security-benefits.
Best, Jerry
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Posted:
September 30, 2016