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As of November 2012, there were seven states that did not charge any type of state income tax, including taxes on Social Security benefits. These states include Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two more states, Tennessee and New Hampshire, do not tax income or Social Security benefits, but do tax interest and dividends.
The biggest advantage to setting up legal residence in the Florida is that the state has no personal income tax. This means that the only personal income tax Florida residents have to pay is the federal one. Florida residents will not have to pay state income tax on money in retirement accounts in Florida.Unfortunately Florida residents could have to pay income taxes on assets in other states. This could include money in retirement accounts in states with income tax and money earned from rental properties in other states.Florida charges income taxes on businesses and business income.he biggest advantage to setting up legal residence in the Florida is that the state has no personal income tax. This means that the only personal income tax Florida residents have to pay is the federal one. Florida residents will not have to pay state income tax on money in retirement accounts in Florida.