Tax Tip – 14 States with No Income Tax on Pensions (Acronyms “WWF TANS” & “I TAN MPH”)

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The 7 States with No State Income Tax in 2020 include (Remember the Acronym “WWF TANS”):

Washington –> No State Income Tax or Tax on Retirement Income

Wyoming –> No State Income Tax or Tax on Retirement Income

Florida –> No State Income Tax or Tax on Retirement Income

Texas –> No State Income Tax or Tax on Retirement Income

Alaska –> No State Income Tax or Tax on Retirement Income

Nevada –> No State Income Tax or Tax on Retirement Income

South Dakota –> No State Income Tax or Tax on Retirement Income

Tax Tip - 14 States with No Income Tax (WWF TANS) on Pensions (I TAN MPH)
7 States with NO Income Tax

PLUS: The 7 States with No State Income Taxes on Pensions include (Remember the Acronym “I TAN MPH”):

Illinois –> Does not tax distributions from 401(k) plans, IRAs or pensions.

Tennessee –> Taxes unearned income less each year by 1% until the tax is eliminated at the start of 2021. Does not tax distributions from 401(k) plans, IRAs or pensions.

Alabama –> Taxes distributions from 401(k) plans and IRAs but not pensions.

New Hampshire –> Taxes dividends and interest but does not tax distributions from 401(k) plans, IRAs or pensions.

Mississippi –> Does not tax distributions from 401(k) plans, IRAs or pensions.

Pennsylvania –> Does not tax distributions from 401(k) plans, IRAs or pensions.

Hawaii –> Taxes distributions from 401(k) plans and IRAs but not pensions.

Tax Tip - 14 States with No Income Tax (WWF TANS) on Pensions (I TAN MPH)
14 States with No Tax on Pensions

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(Updated 02/27/2021 15:59)

Published by Don Fitch, CPA

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