Retirees in Montana Might Lose Social Security Benefits Soon

This issue could spell trouble for many Montanans.

Tax Season in Montana

Have you filed your taxes this year?

Tax season is underway in Montana, and there have been some interesting changes for residents.

While most residents receive something back federally and from the state, Montana changed things that had residents scratching their heads.

Montanans, who usually received funds from the state, had to pay taxes to Big Sky Country or receive a few dollars back.

This new tax system for Montana has left residents frustrated and mad.

Is there something else that Montanans should be worried about?

If you are a retiree, yes.

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Social Security

What is happening?

If you don't know, almost 25% of Montana's population is people 65 or older.

These folks want to enjoy Big Sky Country while enjoying their retirement.

Most retirees use their savings or 401K to supplement their income during their retirement years.

These folks also receive social security to help with their income.

We all pay into social security and will receive it when we reach a certain age; it seems straightforward, right?

Social Security benefits are changing in Montana, and you need to know.

Taxes on Social Security

This move is surprising.

USA Today reports Montana is one of nine states taxing Social Security benefits.

Montana has followed the federal government when it comes to taxing Social Security.

Montana treats Social Security benefits as provisional income, and you could get slammed during tax time depending on how much you receive.

The figures for taxes on provisional income are staggering.

Make sure you chat with a tax consultant to find out more.

Tax season is brutal.