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.

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.”

COLA: Will there be another raise in 2023?

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

Staff Report

FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].