1. Minnesota
If you are a married couple and you plan to file a joint return, the state will deduct up to $5,290 of your federally taxable Social Security benefits. This also applies to single people, and it can reach up to $4,130. The deduction is phased out for married couples that have more than $80,270 of provisional income, and it’s reduced to zero for those who have more than $106,720 of provisional income.
In Minnesota, the average property tax rate is $1,106 per $100,000 of assessed home value.
When it comes to any inheritance and estate taxes, Minnesota’s tax exemption is $3 million, but the state wants to include any taxable gifts that were made within three years prior to death as a part of your personal estate. And the taxes will be between 13% and 16%.
4 thoughts on “News: 6 States That Will Tax Your Social Security Benefits!”
6 States That Will Tax Your Social Security Benefits!
Why aren’t these states listed???!!!
In all claims against funds that have no direction within, a will shall be determined within the family claim first. The state being last in any claim. A clear list shall be provided from the state for any claim that is made for taxes. No moneys shall be taken from accounts that provide payments for legal debts. any money taken shall provide the amount of interest that would have been realized within a normal account. No restrictions shall be made or funds held for payment of debt while probate is determined. The states shall provide its citizens as to any claim or taxes imposed on money held by a deceased citizen. because we pay taxes we shall have no extra fees imposed when we are represented by our courts. Our government must know that it is our money. they must prove any claim for taxes. It is time to control the spending our government sends us into deeper debt.—– I, Grampa
Indiana taxes social security!
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