Seniors in These States May (or May Not) Be Hit With an Unwanted Bill

Many new Social Security recipients are surprised to learn that they must pay federal taxes on their monthly benefits. However, those taxes can be even more of a burden to recipients in the eight states that also tax Social Security benefits.To help retirees put more money in their bank accounts, there's an effort to end taxes on benefits -- a practice that began only in 1983, when President Ronald Reagan signed into law an amendment that taxed Social Security benefits. Since that time, 42 states have decided not to tax benefits, but eight states have stuck with it.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool