The credit phases out at $25,000 for single filers and $32,000 for married couples filing jointly but it drops to $16,000 for those filing separate married returns. Utah offers a non-refundable tax credit of up to $450 against retirement income.This increases to $60,000 for married taxpayers and civil union partners who file joint returns. Vermont offers an exemption for single filers with adjusted gross incomes below $45,000.The limits are $101,000 for single filers and $126,250 for married couples filing jointly as of tax year 2023, the return you'll file in 2024. This is either 66 or 67 depending on your year of birth. Rhode Island offers a tax modification based on federal adjusted gross income for those who have reached full retirement age.This includes those with adjusted gross incomes of less than $100,000 for individuals, $150,000 for couples filing jointly, and $75,000 for married couples filing separately. New Mexico has changed its laws so most Social Security recipients will be exempt from paying taxes on their benefits.Nebraska will phase out taxes on Social Security benefits by 2025.A 2023 bill, HB0526, proposed repealing the state tax but it didn't pass. Montana taxes on Social Security benefits.However, the tax on Social Security benefits is eliminated in tax year 2024. Missouri benefits are exempt for beneficiaries who have reached the age of 62 if their income is less than $85,000 or $100,000 if they're married and filing jointly for tax year 2023.Individuals with adjusted gross incomes of less than $100,000 for married returns or $78,000 for single returns are exempt. Minnesota residents can subtract the greater of two calculated amounts from their income.Kansas fully exempts benefits, regardless of filing status, if your federal adjusted gross income is less than $75,000.The exemption is $100,000 before benefits are taxed if you're married filing jointly. Connecticut exempts Social Security benefits if you're a single filer with an income of less than $75,000.Those who have reached the age of 65 can exclude $24,000. Residents who are at least age 55 as of the last day of the tax year can exclude up to $20,000. Colorado excludes some pension and annuity payments from income taxes, including Social Security benefits.(Repealed effective January 1, 2024-secs. The resulting adjusted deductions are effective for that following tax year and must be used in calculating the tax imposed in 15-30-2103. (2) By November 1 of each year, the department shall multiply both the minimum and the maximum standard deduction for single returns by the inflation factor for the following tax year and round the product to the nearest $10. For purposes of this section, the determination of whether an individual is married must be made as of the last day of the tax year unless one of the spouses dies during the tax year, in which case the determination must be made as of the date of death. The standard deduction may not be allowed to either the husband or the wife if the tax of one of the spouses is determined without regard to the standard deduction. However, in the case of a single joint return of husband and wife or in the case of a single individual who qualifies to file as a head of household on the federal income tax return, the minimum standard deduction is twice the amount of the minimum standard deduction for a single return, as adjusted under the provisions of subsection (2), or 20% of adjusted gross income, whichever is greater, to a maximum standard deduction of twice the amount of the maximum standard deduction for a single return, as adjusted under the provisions of subsection (2). The minimum standard deduction is $1,980, as adjusted under the provisions of subsection (2), or 20% of adjusted gross income, whichever is greater, to a maximum standard deduction of $4,460, as adjusted under the provisions of subsection (2). The standard deduction is in lieu of all deductions allowed under 15-30-2131. (1) A standard deduction equal to 20% of adjusted gross income is allowed if elected by the taxpayer on a return.
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