Are other forms of retirement income taxable in Louisiana? Social Security retirement benefits earned by Louisiana residents may still be subject to federal income taxes, however. The state of Louisiana does not tax Social Security income. Louisiana has no estate or inheritance tax.
While sales taxes in the Bayou State are extremely high, property taxes are very low. Other forms of retirement income, including income from private pensions, is taxed after a deduction of $6,000 ($12,000 for joint filers), which is available to all taxpayers 65 or older. Is Louisiana tax-friendly for retirees?Īs is mentioned above, Social Security retirement benefits are exempt from the state income tax, as is income from a public pension. Financial advisors can also help with investing and financial plans, including taxes, homeownership, insurance and estate planning, to make sure you are preparing for the future. At the same time, retirees may feel the sting of paying a high sales tax and income taxes on income from retirement savings accounts.Ī financial advisor in Louisiana can help you plan for retirement and other financial goals. The state does not tax Social Security retirement benefits or income from public pensions and it has the fifth-lowest property taxes in the country. Seniors who are moving to or staying in Louisiana for retirement will face a relatively friendly tax environment. Likewise, its geography is unlike that of any other region of the U.S., as much of the state’s surface area is a part of the Mississippi River Delta. states, with strong African, French, Spanish and Native American influences. Louisiana has a total population of nearly 4.7 million people. Louisiana Retirement Taxes Photo credit: ©/omersukrugoksu
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