South Carolina
South Carolina doesn’t tax Social Security income. Individual income tax rates range here from zero to 7 percent. Even so, the state allows for a retirement income deduction.
As South Carolina’s Department of Revenue declared: “a taxpayer who’s receiving retirement income might deduct up to $3,000 of qualifying retirement income every year until reaching 65 years old and deduct up to $10,000 of such retirement income every year at age 65 and more.
If both spouses are receiving retirement income, every spouse is entitled to a retirement income deduction.”
South Dakota
Mount Rushmore State doesn’t have any state income taxes. That’s why it is considered by Bankrate as the best state for retirees.
Tennessee
Tennessee doesn’t tax Social Security income.
It also levies a state income tax that only applies to dividends and interest. The rate for this tax, which is known as the Hall income tax, was 4 percent a few years ago, but Tennessee has phased it out.
I understand that the Maryland Legislature just changed how much retirees pay in income taxes. I have not been able to find out the specifics of the new law. When does it take effect? What are the income limits? Can I now reduce the State witholding from my Minimum Required Diatributions?
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