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Social Security: This state may end taxes on benefits

Missouri may be able to end their taxes on Social Security and its beneficiaries if they pass a new law.

social security card with checks representing social security benefits

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.”

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Benefits are any Social Security benefits a taxpayer sees regardless of their age, retirement status, disability, and any survivors or SSI 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?

  • Colorado
  • Connecticut
  • Kansas
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • New Mexico
  • Rhode Island
  • Utah
  • Vermont
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