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Is Retirement Income Exempt From State Income Taxes?

April 26, 2017exempt income income taxes retirement State

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Is Retirement Income Exempt From State Income Taxes?

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Retirement income can arrive from a variety of finanial sources. Whether it be social security benefits, retirement compensation from a company, 401K proceeds, military compensation or financial investments, retirement income can be taxable in the state where you reside. However, there are some types of retirement income that are exempt in many states. Depending on where your primary residence is located, you may qualify for certain state retirement income tax exemptions. Each state has its own specific tax laws, but a few detailed guidelines will help you understand where you may be able to claim exemptions.