Missouri may be able to end their taxes on Social Security and its beneficiaries if they pass a new law.
70 million people benefit from Social Security, and those who benefit in Missouri may see themselves able to save a bit more money.
The bill requires a maximum state deductions for all taxpayers no matter their filing status or AGI.
The law specifically defines “benefits.”
Those ages 62 and up can deduct benefits if their AGI is under $85,000 and they file single.
For married filing jointly the amount is $100,000.
If passed, the law will go into effect Jan. 1, 2023.
What states tax Social Security benefits?
- New Mexico
- Rhode Island
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