![]() This is not the case for residents in higher income brackets. As with the federal tax, retirees with an AGI of less than $25,000 (single filer) or $32,000 (married filing jointly) are not subject to tax on their Social Security benefits. Montana: In Montana, the Social Security income tax rate ranges from 1% to 6.75% for the 2022 tax year.Those in higher income brackets may qualify for a partial deduction. Single filers and couples filing jointly who are age 62 and older with AGIs of less than $85,000 and $100,000, respectively, will be able to fully deduct their Social Security benefits. Missouri: Missouri’s Social Security income tax rate can be as high as 5.3% and as low as 0%.Minnesota’s Social Security income tax ranges from 5.35% to 9.85%. Single filers and couples filing jointly with AGIs of at least $64,670 and $85,970, respectively, only qualify for partial exemption, while those with incomes above $85,9700 and $110,020, respectively, are not eligible. This is unavailable for residents in higher income brackets. In 2022, single filers and couples filing jointly can exempt up to $4,260 and $5,450, respectively, of their federally taxable benefits from their Minnesota income. ![]() Additionally, those who do owe taxes on their benefits can take advantage of Minnesota’s Social Security Subtraction to secure a partial deduction. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |