Some states — not all — impose income taxes on Social Security. Residents of West Virginia will be happy to see their home state come off that list by 2022.
Next year, West Virginians will be able to exclude 35% of their Social Security from their taxable income. The following year that percentage will raise to 65% and by 2022, 100% of Social Security benefits will be tax-free.
Residents in the 12 states still taxing Social Security — Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah and Vermont — will certainly be hoping their states quick to follow suit.
