Many low and middle income seniors won’t be taxed on their Social Security checks.
This is due to a new legislation that has been signed into law.
Where is this happening?
Michelle Lujan Grisham, the governor of New Mexico signed House Bill 163. This will exempt people who makes less than $100,000 from paying state taxes on their Social Security benefits. Read more about it here.
Couples who earn less than $150,000 won’t be taxed either. The tax relief in New Mexico alone will generate about $710 more annually for 115,000 seniors.
The new legislation will exempt many from paying, but not everyone.
North Dakota entirely eliminated taxing Social Security benefits altogether in late 2021.
You may still be subject to state taxes depending on your income if you live in on of these states:
- New Mexico
- Rhode Island
- West Virginia
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