Reported 1 day ago
The taxation of Social Security benefits varies by state, significantly impacting retirement budgets. While most states do not tax these benefits, eight states impose taxes that depend on income levels and specific state regulations. States like Colorado and Minnesota allow deductions based on age and income, while others like New Mexico and Vermont provide exemptions for lower-income retirees. Some states, such as Missouri and West Virginia, have recently phased out these taxes. Understanding this landscape is crucial for retirees planning their finances.
Source: YAHOO