Sometimes getting a tax break has nothing to do with your shopping habits, income or location. In fact, half of the states in the country offer a tax break to individuals who are at, or near, retirement age.
And those benefits can vary widely, according to CCH Inc.'s John Logan.
In Iowa, for example, individuals 55 years of age or older get an income tax break. Married taxpayers filing jointly qualify for a $12,000 exemption, while single individuals can get a similar tax break for half that amount.
Illinois taxpayers, on the other hand, are exempt from paying state income taxes on any income from a pension or a 401(k), which can provide a big savings boost to those in retirement.
|
|
|
|
Source: CCH Inc.
Relief for retirees
|  Plenty of Americans bungle their return every year and pay extra in penalties as a result. Here's how you avoid making those same mistakes. (more) | |||||||||||||||||||||||||||||||||||
© 2009 Cable News Network. A Time Warner Company. All Rights Reserved.
Terms under which this service is provided to you. Privacy Policy
Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
| Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use. Intraday data is at least 20-minutes delayed. All times are ET. Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data. Fundamental data provided by Morningstar, Inc.. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |
