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.”
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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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