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What is the standard deduction when filing as head of household? The standard deduction for head of household is $20,800 for 2023, which is greater than the single or married filing separately filing statuses, but less than married filing joint.
Generally, retirement income, pensions and annuities are not subject to Mississippi Income tax if the recipient has met the retirement plan requirements. Early distributions are not considered retirement income and may be subject to tax.
Persons who are 65 years of age and older or who are disabled, upon application and proof of eligibility, are exempt from all ad valorem taxes up to $7,500.00 of assessed value.
Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes. You may need to pay income tax, but you do not pay Social Security taxes.
Mississippi exempts all forms of retirement income from taxation, including Social Security benefits, income from an IRA, income from a 401(k) and any pension income.
Mississippi is one of the most affordable states to live in, making it a great place for seniors to retire on a budget. The cost of living in Mississippi is significantly lower than the national average, with housing costs and healthcare expenses being particularly affordable.
FILING REQUIREMENTS Single resident taxpayers ? you have gross income in excess of $8,300 plus $1,500 for each dependent. Married resident taxpayers ? you and your spouse have gross income in excess of $16,600 plus $1,500 for each dependent.
Claiming personal exemptions: (a) Single Individuals enter $6,000 on Line 1. (b) Married individuals are allowed a joint exemption of $12,000. If the spouse is not employed, enter $12,000 on Line 2(a).