How All 50 States Are Taxing Retirees In 2021

Photo by Ingo70 from Shutterstock

48.Wyoming- most tax-friendly

The retirees that are living in this state are enjoying one of the lowest overall state and local tax burdens in the U.S.

  • There’s no State Income Tax Range;
  • The Average Combined State and Local Sales Tax Rate is 5.39%;
  • The Median Property Tax Rate is $575 per $100,000 of assessed home value;
  • No Estate Tax or Inheritance Tax.

49.West Virginia- mixed

Although the income taxes in West Virginia are somehow high, the tax situation in this state is evolving.

  • The State Income Tax Range is 3%(on up to $10,000 of taxable income)- 6.5%(on taxable income of $60,000 or more);
  • The Average Combined State and Local Sales Tax Rate is 6.51%;
  • The Median Property Tax Rate is $571 per $100,000 of assessed home value;
  • No Estate Tax or Inheritance Tax.

50.Wisconsin- not recommended

In this state, income from pensions annuities, distributions from IRAs and 401(k) plans are taxable.

  • The State Income Tax Range is 3.54% (on up to $11,450 of taxable income for singles or up to $15,960 for joint filers)- 7.65%(on taxable income over $263,480 for singles or over $351,310 for married couples);
  • The Average Combined State and Local Sales Tax Rate is 5.43%;
  • The Median Property Tax Rate is $1,684 per $100,000 of assessed home value;
  • There’s no Estate Tax or Inheritance Tax.

 + Washington- mixed 

Washington doesn’t have any broad-based personal income tax, so seniors won’t have to worry about paying taxes on their pensions, Social Security benefits or other retirement income.

  • There’s no State Income Tax Range;
  • The Average Combined State and Local Sales Tax Rate is 9.29%;
  • The Median Property Tax Rate is $929/$100,000 of assessed home value;
  • There’s an Estate Tax, but no Inheritance Tax.

If you enjoyed reading this article, we also recommend you: Do You Live in One of These 10 States With the Highest Sales Taxes?

 

 

 

PREV1 ... 1213 14

Leave a Comment

Your email address will not be published. Required fields are marked *

10 Things Your Boss CAN’T Legally Do To You

5. Promising a paid position to an intern This can be viewed as an illegal and unpaid training period which ca be punished with federal laws. 6. Discriminate They cannot discriminate against any employees based on: religion, color, sex, nationality,

7 Most Murderous Children

We live in a world surrounded by shocking and evil things. We expect the worst from humans, horrific and truly heinous crimes, however, sometimes these come from the ones that we least expect, children. A rocky situation at home, bad

From Our Network: