Which US states have the lowest taxes for retirees receiving Social Security benefits? While the amount of Social Security benefits received depends on work history and retirement age, insurance beneficiaries must pay taxes on monthly payments. The percentage of taxes depends on the benefits and calculated combined income, including AGI, nontaxable interest, and half of yearly Social Security payments. Depending on this total, the IRS may require taxes on benefits.
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Lowest Tax States for Retirees in the US
Description
Which US states have the lowest taxes for retirees receiving Social Security benefits? While the amount of Social Security benefits received depends on work history and retirement age, insurance beneficiaries must pay taxes on monthly payments.
Author
Susan Jane
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