News: 6 States That Will Tax Your Social Security Benefits!

social security
Photo by Joseph Sohm From Shutterstock

5. Rhode Island

Rhode Island may be a destination that’s less known compared to the previous ones. For example, Social Security benefits were not taxed last year for joint filers earning $111,200 or less and married filers filing a separate return earning $84,000 or less.

For all the taxpayers who overcome these thresholds, Social Security benefits are taxed by the state of Rhode Island. Here, the median property tax rate is $1,571 per $100,000 of assessed home value.

When it comes to inheritance and estate taxes in Rhode Island, you will have to pay a rate from 0.8% to 16%.

6. Vermont

The state of Vermont does not tax joint filers with an income that is less than $65,000 per annum. Other taxpayers that exceed these limits will qualify for a partial exemption on their benefits. Here, the median tax property is $1,902 per $100,000 of assessed home value.

Regarding the sales tax, you should know that it is a 6% state levy. And the municipalities can add up to 2% to that, but the overall rate is 6,24%.

Vermont had an estate tax with an exemption of $5 million last year and in 2021. And the tax rate is a flat 16%.

What are your concerns about retirement? Are you ready for it or do you still see it as a challenging chapter in your life? If you want to find out more about this subject, we recommend you read These 7 Retirement Types Will Get Taxed Differently, US Officials Warn

PREV 1 ... 4 5

Leave a Comment

Your email address will not be published.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

related posts
from our network