Wow! Ct taxes Social Security, or am I doing something wrong?
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This post is for discussion purposes only and should be verified with other sources before actual use.
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Never mind, I see the subtraction....This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Yep, CT taxes Social Security. But on a maximum of 50% of the benefits. You spotted the subtraction. New law re retirement income, and old law re CT Teachers' Retirement Board pensions, also.Comment
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CTs neighbor MA does NOT tax Social Security or MA Teachers Retirement.Originally posted by Lion View Post
Where do you want to retire?Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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Hubby taught in CT for 37 years. It's been common for teachers who started their careers in MA for a few years and then came to CT for the higher salaries (IIRC only Alaska and DC have higher than CT) to return to MA to get in the right number of years to get the biggest MA teachers retirement when taking into account no MA state tax. CT was moving in that direction but stalled at a 25% exclusion for a few years; finally a 50% exclusion for 2021. To combat flight to other states, CT now excludes 28% of any pension, but only for those earning less than $75,000/$100,000 MFJ. One more reason we have to check every married return for MFS vs MFJ.Comment
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Plus MA has a 5% flat income tax rate BUT certain investment income is taxed at 12% unfortunately. If they want to keep the rich people as residents of the state they need to drop the millionarie surcharge proposal and cut the 12% rate to something more reasonable.
All these liberal states scare the daylight out of rich people and as a percentage of the tax revenue they are really paying for the Govt. The rest are using more Govt services than they pay in taxes! just my opinion and I am sure it will upset some members here.
Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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At my age, we would've moved to a different state -- except all three grandkids are in CT and PA, very drivable distances from our home, which is paid for after all these years. My clients keep moving to different states as they age.
From an AARP article updated 25 February 2022: only twelve states also tax some or all of their residents’ Social Security benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont and West Virginia.
State policies on taxing benefits vary widely. For details of each state, see...
Last edited by Lion; 03-07-2022, 12:15 PM.Comment
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