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11 States To Impose Taxes On Social Security Benefits In 2024

Social Security Benefits
Social Security Benefits; Source-AS USA

While Social Security benefits are subject to federal income tax, the majority of recipients have not had to worry about their benefits being subject to state income taxes. Even though some states will impose state taxes on Social Security benefits, that will still be the case in 2024. The following eleven states Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, and Vermont tax Social Security benefits in 2023 and are predicted to continue doing so in 2024. You should be aware that the taxes you pay will vary depending on the state.

Social Security Benefits

Social Security Benefits; Source- AARP

Taxation On Social Security Benefits

In Connecticut, retirees can deduct all or most of their benefit income if their yearly adjusted gross income is less than $100,000 for joint filers and more than $75,000 for single filers. 75% of Social Security payments for benefits can still be withheld from the income of those who earn more than these criteria. Regardless of your filing status, you are exempt from Kansas state taxes on your advantages if your AGI is $75,000 or less. Social Security taxes are levied in Missouri, although they do not apply to people whose yearly adjusted gross income (AGI) is less than $85,000 for single filers or heads of household, or $100,000 for joint filers.

Amount Of Tax On Social Security Benefits

In Montana, Social Security is taxable for a large number of seniors. However, the entire amount of Social Security retirement income can be deductible by taxpayers making less than $25,000 (or $32,000 for joint filers) annually. Social Security benefits will be subject to Montana taxes beginning in 2024, in line with federal laws. AGI-based sliding scale taxes apply to Social Security benefits in the Cornhusker State. State tax on benefits is not due to those whose income is less than $59,100 (married couple) or $44,460 (individual). By 2025, the state plans to phase down the income tax on benefits.

Taxes On Social Security Benefits In 2023

In 2023, taxes on Social Security benefits for single people earning under $100,000 annually and married couples filing jointly making less than $150,000 will be eliminated in New Mexico. In Rhode Island, if you are past the age of retirement and your AGI is less than $86,350 (for single filers/head of household) or $107,950 (for joint filers), you are exempt from paying Social Security taxes. State taxes on benefits can be fully avoided by single filers with an AGI of $50,000 or less. You qualify for a partial exemption if your income is between $50,000 and $60,000.

If you file jointly, your income must be $65,000 or less to qualify for the entire exemption; if it is between $65,000 and $75,000, you will only receive a partial exemption. Recently, the Beehive State implemented a system of income-based tax credits to counterbalance Social Security income for individuals earning less than $30,000 annually and for couples earning less than $50,000 annually. Even individuals who make more than those limits are still eligible for a partial benefit exemption. For every dollar above the aforementioned income criteria, the tax credit is lowered by 25 cents.

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