Navigating State Taxes on Social Security Benefits

As tax season approaches, Social Security recipients should be aware that around a dozen states will tax their benefits for the 2023 tax year, with different rules for each state based on age and income. Some states, like Missouri and Nebraska, will stop taxing residents on Social Security in 2024. To reduce taxes on Social Security benefits, experts recommend investing in a Roth IRA, where taxes are paid on money going into the account, making all future withdrawals tax-free.