' What Is Taxable and Nontaxable Income?' ' Publication 915, Social Security and Equivalent Railroad Retirement Benefits.'. ' Publication 915, Social Security and Equivalent Railroad Retirement Benefits.' Pages 6, 15-19. ' Income Taxes and Your Social Security Benefit.' The credit phases out at $25,000 for single filers and $32,000 for married couples filing jointly. Utah offers a non-refundable tax credit of up to $450 against retirement income.Vermont offers an exemption for those individuals with an AGI below $60,000.The most recently released limits were $95,800 for single filers and $119,750 for couples set in 2022. Rhode Island offers a tax modification based on your federal AGI.This applies to those with an adjusted gross income of less than $100,000 for an individual, $150,000 for a couple filing jointly, and $75,000 for married couples filing separately. Most seniors will be exempt from paying taxes on their benefits. Nebraska is phasing out the law, and legislative bill 873 will phase out taxes on Social Security benefits by 2025.Montana taxes on Social Security benefits, though a 2023 bill HB0526 proposed repealing the state tax.However, in tax year 2024, the tax on social security benefits will be eliminated. Missouri benefits are exempt for beneficiaries 62 and older if their income is less than $85,000, or $100,000 if married filing jointly.Individuals with AGI below $100,000 for married returns or $78,000 for single returns are exempt. Minnesota residents can subtract the greater of two different calculated amounts from their income.Kansas fully exempts benefits, regardless of filing status, if your federal adjusted gross income is less than $75,000.If you are married filing jointly, the exemption is $100,000 before benefits are taxed. Connecticut exempts Social Security benefits if you are a single filer with an income of less than $75,000.Residents at least 55 years old can exclude up to $20,000, while those who have reached the age of 65 can exclude $24,000. Colorado excludes some pension and annuity payments from income taxes, including Social Security benefits.

Minnesota income tax brackets 2021