A single person or a married person filing separately can deduct an additional $2,300. A married couple filing jointly can deduct an additional $4,600 from their state income tax. You are also entitled to a state income tax deduction if you live in Mississippi. That means you do not have to pay taxes on the first $13,500 in taxable income in Mississippi if you are over 65. A married couple filing jointly or a widow or widower has a $12,000 income tax exemption, a single person or a married person filing separately has a $6,000 tax exemption, the head of a family has an $8,000 tax exemption, and anybody over 65 can claim an additional $6,500 tax exemption. There are income deductions and exemptions available for all residents of Mississippi.
All filers pay one of these income tax rates in Mississippi. The rate is 3% for the first $5,000 in taxable income, 4% for $5,000-$10,000 of taxable income, and 5% on any amount of taxable income over $10,000. Mississippi has a very simple income tax with a low rate. » Speak to a Mississippi Retirement Advisor for Free Mississippi Income Tax
That means you should be able to deduct almost all of your retirement money from your Mississippi state income tax return. This includes Social Security benefits, pensions, annuity payments, and normal distributions from retirement accounts. Most retirement income is not taxed in the state of Mississippi.
