The 10 Best State Tax Deals For Seniors
August 4th 2010 18:40
South Carolina
Couples age 65 and older can exclude $30,000 in income from the state tax, which is 7% on income above $13,700. Couples under 65 can exclude $6,000 of retirement income from workplace plans such as a 401(k). A widow or widower is entitled to his or her break, in addition to a separate break for any retirement income attributable to the deceased spouse (based on the age of the deceased if he or she were alive). Social Security benefits are excluded from state tax.
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