More than 5 million people in Florida claim Social Security benefits.
Are those benefits taxable?
There are in nine states, but what about Florida?
➤ When Florida recipients can expect Social Security payments in December?
The federal government does take a cut of Social Security, which can include monthly retirement, survivor and disability benefits, if total income exceeds certain amounts.
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“Florida is one of the most tax-friendly states for older workers and retirees,” AARP said.
Which states tax Social Security benefits?
While most states to not tax Social Security income, nine states do levy a tax on Social Security benefits. Though each state has different rules, your age and income usually determine whether you need to pay. Here are the nine states:
➤ More details on the 9 states that tax Social Security benefits
Does Florida tax Social Security benefits?
Florida doesn’t tax Social Security benefits “but you may pay federal taxes on a portion of your Social Security benefits, depending on your ‘provisional income,'” AARP said.
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“In most cases, provisional income is equal to the combined total of half your Social Security benefits, your adjusted gross income (not including any Social Security benefits) and any tax-exempt interest for the year.” Here’s what could be taxed:
Florida among ‘most tax-friendly’ states for workers, retirees
“Florida is one of the most tax-friendly states for older workers and retirees,” AARP said.
“It’s one of just seven states that don’t collect personal income tax, allowing residents to benefit from tax-free pensions and retirement pay, along with no state taxes on Social Security or investment income. Florida also doesn’t have an inheritance or estate tax.”
How many people in Florida receive Social Security benefits?
Florida had more than 5 million people claiming Social Security benefits as of December 2023, according to the AARP. That included more than 3.9 million retirees, over 478,000 disabled workers, more than 401,000 spouses or survivors and nearly 240,000 children.
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Nearly 1 in 5 Florida retirees, family members, veterans and others receive Social Security benefits, according to the AARP.
Contributing: Andrea Riquier, USA Today; C.A. Bridges, USA Today Network-Florida
This article originally appeared on Naples Daily News: Is Florida a state that taxes Social Security benefits?