Connecticut
Connecticut also taxes Social Security benefits, even if many residents’ benefits are completely exempt, as the state declared. Some residents include taxpayers with the following federal filing status:
- single or married filing separately – in case your federal adjusted gross income (AGI) is less than $50,000
- married filing together, qualifying widow/er or head of household – when the federal AGI is less than $60,000
Also, individual income tax rates might range from 3 to 6.99 percent. Military pensions might be excluded from state income taxes.
Delaware
Delaware doesn’t tax any Social Security benefits. Individual income tax rates might range from zero to 6.6 percent. Retirees are eligible for a specific “pension exclusion”.
The amount of the exclusion can go as high as $12,500 for folks that are 60 years old and older, but it drops at $2,000 for those who are under 60.
Florida
Just like Alaska, the Sunshine State doesn’t impose any taxes on Social Security benefits or any other income, for that matter. Maybe it shouldn’t be such a surprise that Florida’s tax-friendliness is the reason why the state is on the No. 1 spot on the list of best states for retirees.
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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