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How WEST VIRGINIA Taxes Retirees (Blog)
West Virginia Taxes retirees on income to the same extent as the Federal Government does. But, and this is big, in West Virginia taxpayers over 65 can exclude $8,000 of retirement income from their taxable income.
Thus a married couple filing jointly over 6 has $26,600 in standard deductions from the Feds PLUS another $16k from the state. That’s good.
In fact, if you have $25,000 of Social Security income and $25,000 of IRA distributions you will pay all of $250 or so in state tax.
Sales tax is moderately low as well. Even better is that the state does not tax prescription drugs and groceries.
Lastly, are the property taxes in West Virginia. Property tax in West Virginia is among the lowest in the nation not only from a percentage but given the lower home values too.
Once again, I disagree with the Kiplinger’s assessment. West Virginia is actually quite favorable for taxes in retirement.
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