States that tax military retirement pay in 2024 The good news is that most states fully exempt military retirement income from state taxation. The bad news, when it comes to tax treatment, is that some states don’t favor retired military members. As mentioned, some only offer a p...
Find out which states don't tax military retirement pay. Learn about the tax benefits and other important considerations when choosing a state for your retirement.
That leaves just three states – California, Vermont, and Virginia – that do fully tax military retirement pay. Of course, there is nothing necessarily wrong with this fact, but it’s helpful to know so you can decide for yourself whether moving to a different part of the country is worth...
But another important goal is to avoid states that tax Social Security benefits if at all possible. The federal government is going to tax up to 85% of our Social Security benefits when we retire, but my wife and I don’t want to pay state taxes on this retirement income, too. So, ...
Pensions:Taxable (Minnesota allows a deduction for Military retirement pay) 401(k) and IRA Distributions:Taxable More:States Announce Major 2025 Tax Changes: What It Means for Your Money Sponsored Content (Image credit: Getty Images) Mississippi taxes on retirement ...
It is also important to research other taxes, including estate tax and sales tax, to make the most well-rounded judgment. Military Retirement Pay Taxation Military retired pay (MRP) and Survivor Benefit Plan (SBP) payments are another important area of financial concern forveterans and their fami...
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If you're in the military, your Home of Record state generally is the state where you enlisted, and this is the state where you typically pay state taxes. The state where you're stationed is forbidden by federal law from taxing your military wages, but that state may be able to tax an...
of income you receive. For example, California won’t tax your Social Security benefits, regardless of yourAGI.But most other types of retirement income are fair game in the state, including military benefits. In fact, California is the only U.S. state that fullytaxes military retirement pay...