Illinois flat tax9/25/2023 ![]() Up to 50 percent of your benefits will be taxed if you file an individual tax return and make $25,000 to $34,000 in total income - or if you file jointly and as a couple make $32,000 to $44,000 in total income. No, but you may pay federal taxes on a portion of your Social Security benefits, depending on your income. Investment income is taxed at 4.95 percent - the same tax rate as other income. Illinois doesn’t tax pension distributions or retirement plan income, including IRAs, 401(k) plans and government retirement plans.ĪARP's retirement calculator can help you determine if you are saving enough to retire when - and how - you want. ![]() Understanding Your 2022 Federal Income Tax
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