7 States That Don’t Tax Your Pension, 401(k), Social Security, and More

budget state
Image By SeanPavone From Shutterstock

Missouri

Even if Missouri’s Social Security income tax rate could be as high as 5.4%, the range could also go as low as 0%. Single filers and couples who file together and are 62 years and older with an AGI of less than $85,000 and $100,000, might be able to completely deduct their Social Security benefits. Even more, those who are in a higher income bracket might still qualify for a partial deduction.

Montana

In this state, the Social Security income tax rate usually ranges from 1% to 6.75%. The same as the federal tax, retirees with an AGI smaller than $25,000 (for single filers) and $32,000 (for married couples) won’t be subject to any tax on their Social Security benefits.

Of course, this isn’t the case for residents in higher income brackets. Montana normally uses a completely different method than the federal government when it comes to calculating the total amount that a citizen has to pay.

«1 ... 78 9 10»

SHARE:

1 thought on “7 States That Don’t Tax Your Pension, 401(k), Social Security, and More”

Leave a Comment

Your email address will not be published. Required fields are marked *

Recommended For You