Here are some tax-saving tips tailored for a 63-year-old retiree living in Minnesota:
- Minnesota offers a state tax subtraction for Social Security benefits depending on your Adjusted Gross Income (AGI) and filing status.
- For tax year 2024, if your AGI is below $82,190 (single/head of household) or $105,380 (married filing jointly), your federally taxable Social Security benefits are exempt from Minnesota state income tax.
Here is a link for further details: MN tax on social security
There are other planning tips available - once you reach age 65.
TurboTax has a great tax reform calculator - here is the link: Tax Reform Calculator
Have an amazing day. Evelyn M (CPA 20+ years)
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