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Wednesday, March 8, 2023

The Daily Money: Does your state tax Social Security benefits?

Retirees have to pay federal taxes on Social Security money, but some states also tax the benefits. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Wednesday, March 8

Happy hump day, Daily Money readers! It's Amanda Pérez Pintado with today's top headlines. 

Tax season is in full swing, and if you live in certain states, your Social Security benefits may be taxable

Retirees have to pay federal taxes on Social Security benefits if their total income exceeds certain amounts. The amount paid depends on income and whether you're filing a joint or individual return. (Read more on federal taxes on your Social Security money here.)  

But 11 states also tax Social Security benefits. The rules on what's taxed vary by each state, so make sure to check your state's laws. 

Find out if you live in a state that taxes Social Security benefits here.

Walmart to close a handful of stores

Walmart said it will shutter a handful of stores in some states and DC this year due to poor financial performance. 

Eight stores are closing in Washington DC, Florida, Illinois, New Mexico, Oregon and Wisconsin, as well as two experimental "Pickup" locations in Illinois and Arkansas.  

The company said it made the decision after a review process that determined the impacted stores didn't meet financial expectations. 

Find out if your nearby location is on the chopping block here. 

📰 More stories you shouldn't miss 📰

Jerome Powell remarks: Fed chair testifies before Senate on inflation, speeding up rate hikes.

Goodbye, Matterhorn: Toblerone drops iconic mountain logo amid plans to move part of its production to Slovakia.

If you take a screenshot on Instagram, does the person know? Rules of play on the app.

'Do the right thing now': Buttigieg calls on airlines to act, not wait for family seating rulemaking.

Lowering interest rates: As rates rise, here's how you can lower the cost of charging expenses to your credit card. 

🍔 Today's Menu 🍔

Vegan Reese's Peanut Butter Cups: Reese's Plant Based Peanut Butter Cups, made with oats instead of milk, will be Hershey's first vegan chocolates sold nationally, the company said. The chocolates go on sale this month.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

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