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10-22-2020 08:59 PM
@Carmie I was shocked to see just what taxes are in the home where DH had when we were first married and the house that I grew up in!
Unbelievable how much it has gone up!!
10-22-2020 09:25 PM - edited 10-22-2020 09:26 PM
@Mindy D wrote:Quoted from Fox Business Online in article titled "More than 36 million Americans risk double taxation of their Social Security Benefits"
"The 13 states that tax Social Security
The 36.5 million people who are at risk of double taxation live in the 13 states that currently tax Social Security benefits:
- Colorado
- Connecticut
- Kansas
- Minnesota
- Missouri
- Montana
- Nebraska
- New Mexico
- North Dakota
- Rhode Island
- Utah
- Vermont
- West Virginia"
@Mindy D This is a generic summary and does not include the various requirements for SS to be taxed, and each state is different.
It's misleading and I'm sure those persons collecting SS are aware of the requirements in those states.
10-23-2020 11:20 AM
The original OP title has been changed.
The double taxation rests on the fact that SS has a payroll tax (subject to rules), then the feds may impose an income tax (subject to rules), then some states may alter the feds income computation (subject to their own rules).
Since (surprise!!) the particular state's rules are not in the payer's favor this can be true.
If you don't like what your state is doing, you know what to do.
10-23-2020 12:14 PM
Why do people think that social security shouldn't be taxed?
As some point benefits start to exceed what a person paid into fund.
I've received much more than what I paid into it.
10-23-2020 02:06 PM
I thought ALL states taxed Social Security as income. LOL
10-23-2020 02:47 PM - edited 10-23-2020 02:49 PM
This is from the ssa.gov regarding tax on SS benefits:
No mention of any state or area.
10-23-2020 03:25 PM
MD may not tax SS but it does tax private pensions and any type of retirement investment accounts. The amount of tax on those amounts will differ as well based on income.
It also has an estate tax and an inheritance tax. Then there are all the other taxes which are quite high.
IMHO, you're going to pay is some way no matter where you live. It's a wash, for the most part. Pick a place you'll be happy and enjoy.
10-23-2020 05:29 PM
@SilleeMee wrote:This is from the ssa.gov regarding tax on SS benefits:
No mention of any state or area.
@SilleeMee The OP's 13 states refer to STATE taxes; which vary by state and income.
Not all states that have income tax will tax SS benefits; only the 13 the OP listed.
Again, this thread is misleading.
10-23-2020 05:56 PM
Guess one's income above their SS checks are what are taxed here. My pension plus my SS do not equal over $25,000 single filer. Same with my wife. So someone help me out here, eh?
hckynut
10-23-2020 05:57 PM
My benefits have never been taxed and I have been here in Vermont for almost 2 years
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