Nebraska to Phase Out Income Taxes on Social Security

May 24, 2021

Jeremy Gove

Social Security Income Taxes Phase Out

When asked, most Nebraskans would say their biggest complaint about Nebraska is high taxes. For all of you seniors receiving Social Security income, the State Legislature has good news for you.

Lawmakers passed legislation to phase out income taxes on Social Security by 2030. The legislation is now on Gov. Pete Ricketts’s desk, who is expected to sign it.

The legislation phases out income taxes on Social Security income gradually each year. For 2021 it is reduced by 5%, 20% in 2022, and 30% in 2023. The exemption continues to grow to 100% by 2030.

Eliminating taxes on Social Security makes Nebraska more competitive with neighboring states like Iowa who do not tax Social Security income now. I am glad to see the change because I believe it honors you Seniors who have contributed to Nebraska for many years and makes it easier financially to stay in Nebraska in your retirement years.

If you have additional questions relating to Social Security or other financial inquiries, reach out to me at (402) 805-4660.

Investment Advisory Services are offered through Retirement Wealth Advisors, Inc. (RWA), an SEC Registered Investment Advisor. Stonebridge Insurance and Wealth Management and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

1657730

Ready to take

The Next Step?

For more information about any of our products and services, schedule a meeting today or register to attend a seminar.

or give us a call at

KEARNEY

3800 A Avenue, Ste C
Kearney, NE 68847
Get Directions

Phone: 308.698.0144
Toll-Free: 888.260.0926
Fax: 308.698.0145

LINCOLN

3801 Union Dr., Ste 204
Lincoln, NE 68516
Get Directions

Phone: 402.805.4660
Toll-Free: 844.894.2393
Fax: 402.805.4343

GRAND ISLAND

838 N. Diers Ave.
Grand Island, NE 68803
Get Directions

Phone: 308.698.0144
Toll-Free: 888.260.0926
Fax: 308.698.0145

CHECK US OUT

Advisory services are offered through a Stonebridge Wealth Systems, LLC, SEC Investment Advisor. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Nebraska or where otherwise legally permitted. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.

Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

Securities offered through World Equity Group, Inc., Member FINRA and SIPC.

See Form CRS HERE

This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Stonebridge Insurance and Wealth Management and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

A broker/dealer, Registered Investment Adviser, Registered Representative or Investment Adviser Representative may only solicit, offer and sell securities and/or investment advisory services in a particular state after satisfying the licensing and qualification requirements of that state.

States require Broker/Dealers, Registered Investment Advisers and their licensed representatives to disclose to individuals the states which they are licensed to conduct business in and to limit access to financial products and services offered by them to only those individuals in those states.

World Equity Group, Inc. is licensed to conduct securities and investment advisory business in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

Timothy Kulhanek is licensed to conduct securities business in: Nebraska, Kansas, Virginia, Texas, South Dakota, Oklahoma, Ohio, Colorado, Oregon, Florida, Arizona, Arkansas, Pennsylvania Timothy Kulhanek is licensed to conduct investment advisory business in: Nebraska Timothy Kulhanek is insurance licensed in: Nebraska, Colorado, & Texas.

The Better Business Bureau (BBB) is a membership organization governed by The Council of BBBs, Inc. Businesses in the U.S. and Canada may apply for accreditation with their local BBB and are evaluated on eight BBB Standards of Trust, which are defined as a comprehensive set of best practices for how businesses should treat the public in a fair and honest manner. Businesses must pay a fee for accreditation review and monitoring for continued compliance to BBB standards when applying for accreditation. BBB assigns ratings to accredited businesses, which range from A+ (highest) to F (lowest) and are based on a defined set of rating elements. BBB logos and/or trademarks are property of their respective owners and no endorsement of Stonebridge Insurance and Wealth Management is stated or implied. BBB and Retirement Wealth Advisors, Inc. (RWA) are not affiliated.

For the detailed requirements of the Better Business Bureau, please visit: https://www.bbb.org/