The number of states that tax Social Security has declined in recent years. However, retired workers in the nine states listed below may still owe taxes in certain situations. Exemptions and deductions vary between states, so beneficiaries need to be familiar with the pertinent rules. Colorado:The...
if Social Security is your only source of income, you may not owe any taxes on the payments you receive each month. However, if you have any other sources of income — whether that's wages, self-employment income, rental properties, dividends or retirement account withdra...
Unfortunately, the federal income thresholds used to determine the taxability of your Social Security benefits aren't adjusted for inflation, meaning many people will find their income too high to avoid taxation on their benefits. Instead of concentrating on what you can do to avoid taxes on your...
“If you’re near the limit on Social Security taxes, this is a good time to review your retirement plan contributions, especially to tax-deferred accounts like 401(k)s,” advised Mueller. “You can reduce your taxable income by contributing more to these types of accounts, which may delay...
12 Steps to a Happy Retirement Follow these 12 steps to find fulfillment and retire happy. Rachel HartmanApril 15, 2025 Tax Day Poses New Dilemmas for Retirees You may find filing your taxes to be more complicated than when you worked full time. ...
Trump Proposed Eliminating Social Security Taxes. Here's the Bill That Could Make It Happen. Working While Collecting Social Security Benefits You can work and collect Social Security benefits simultaneously. However, if you are younger than your full retirement age, part of your ...
What Expats Need to Know About Taxes Living or retiring abroad doesn’t absolve you of your responsibility to file a U.S. tax return. Maryalene LaPonsieApril 11, 2025 Is Social Security Secure? A new study suggests the U.S. retirement system may be doing better than most. ...
Louisiana is one of the manystates with no estate or inheritance taxes. Related Content States With the Highest Sales Taxes Louisiana Has a New Income Tax: What It Means for You Retirement Taxes: How All 50 States Tax Retirees Are No Income Tax States Better to Move To?
Social Security tax Just like the income tax, most people can’t avoid paying Social Security taxes on their employment and self-employment income. There are, however, exemptions available to specific groups of taxpayers. If you fall under one of these categories, you can potentially save...
12 Steps to a Happy Retirement Follow these 12 steps to find fulfillment and retire happy. Rachel HartmanApril 15, 2025 Tax Day Poses New Dilemmas for Retirees You may find filing your taxes to be more complicated than when you worked full time. ...