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Tax Cut: West Virginia Lawmakers Approve Phasing Out State Income Tax on Social Security Benefits

Charleston, West Virginia – Lawmakers in West Virginia have passed a bill to gradually phase out state income tax on Social Security benefits, marking a significant development in ongoing efforts to provide financial relief to retirees. The initiative, proposed by Republican Governor Jim Justice in January, is part of a broader series of tax cuts aimed at boosting the state’s economy. The recent approval by the West Virginia House of Delegates signals progress towards the …

Social Security Income Tax Phase-out Bill Passed by W.Va. House Delegates

CHARLESTON, W.Va. – West Virginia’s House of Delegates recently approved a bill seeking to gradually eliminate the taxation of social security income in the state. This move is a significant development in the effort to ease the financial burden on retirees and individuals receiving social security benefits. The bill, championed by Del. Larry D. Kump, aims to phase out the state income tax on social security benefits, a measure that has been in place for …

Social Security COLA Increase and Your 2024 Tax Refund: What to Know

Chicago, IL – Retirees who received a cost-of-living adjustment (COLA) letter from the Social Security Administration in 2023 may need to refer to it as they navigate their financial matters in the year 2024. The letter, which specifies the new benefit amount for the upcoming year, can also be utilized as proof when appealing any discrepancies in the COLA payments received. It is essential for recipients to keep this letter in a safe place, as …

Social Security Tax Phase-Out Voted on in West Virginia

CHARLESTON, W.Va. – The West Virginia House of Delegates is considering a three-year phase-out of the remaining income tax on Social Security recipients, a key part of Gov. Jim Justice’s 2024 platform. House Bill 4880, which would exclude all Social Security benefits from the state’s personal income tax retroactive to Jan. 1, is on track for passage after being introduced on behalf of the governor at the beginning of the legislative session. The proposed bill …

West Virginia Lawmakers Consider Phased Elimination of State Income Tax on Social Security Benefits

Charleston, West Virginia – The House Finance Committee has made progress in moving forward with Governor Jim Justice’s proposal to eliminate the state income tax on Social Security benefits for middle and higher income West Virginians. However, lawmakers are proceeding cautiously, opting to phase out the tax over three years instead of implementing an immediate elimination that would cut an estimated $37 million out of state revenue. Committee chairman Vernon Criss (R, Wood) expressed concerns …

West Virginia Residents on Social Security May Receive Income Tax Cuts

CHARLESTON, W.Va. – Legislation proposing income tax cuts for Social Security recipients in West Virginia is gaining attention from lawmakers and citizens alike. The bill, which was introduced in the state legislature, aims to alleviate the tax burden on retirees living on fixed incomes. If passed, the proposed tax cut would bring relief to thousands of Social Security recipients in the state. Advocates for the bill argue that reducing or eliminating income taxes on Social …

West Virginia Senate Poised to Repeal Income Tax on Social Security Checks

CHARLESTON, West Virginia – West Virginians are anticipating the possibility of significant tax cuts, particularly for those collecting Social Security. The state currently imposes an income tax on these individuals, a practice not common in most states. However, there’s a potential for change on the horizon as the West Virginia Legislature considers repealing this tax. As it stands, 50,000 retirees in the state are affected by this tax, which adds up each year. Forty states, …

Tax Season 2024: Social Security Beneficiaries Find Out If They Need to File a Tax Return

Tax season is in full swing, with the IRS having processed more than 25 million returns so far. For Social Security beneficiaries, the question of whether to file a tax return this year depends on a variety of factors, including age, marital status, and income earned outside of Social Security benefits. Even if not required, filing a tax return could still be beneficial in order to receive refundable tax credits or refunds for income taxes …

Retiree Tax Implications: Unchanged 2024 Social Security Thresholds Pose Challenges

In Philadelphia, Pennsylvania, a significant shift occurred in the United States’ approach to Social Security in 1983, leading to the current challenge many retirees face: taxation on benefits. Fast forward to 2024, and the landscape remains largely the same. Despite various adjustments and changes, the taxation thresholds for Social Security benefits have remained unchanged and unindexed to inflation. Approximately half of the retiree population now grapples with the complexities of federal taxes on their crucial …

Social Security Income Tax Phase-Out Proposed by Gov. Jim Justice Advances in House Finance Committee

CHARLESTON, W.Va. – West Virginia’s House Finance Committee has advanced a bill that would phase out the personal income tax on Social Security over three years, in response to Gov. Jim Justice’s proposal. The committee leaders aim to provide a tax break for seniors while exercising caution regarding the state’s budget. House Finance Chair Vernon Criss, R-Wood, highlighted the importance of phasing in tax cuts as a matter of prudence. He emphasized the need to …