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Louisiana only exempts interest and dividends from obligations from the State of Louisiana. Interest and dividends from obligations from other states or their political or municipal subdivisions are exempt from federal income tax but taxed by Louisiana.
Is Social Security income taxable in Louisiana?
Is Social Security taxable in Louisiana? The state of Louisiana does not tax Social Security income. Social Security retirement benefits earned by Louisiana residents may still be subject to federal income taxes, however.
Do I need to file an extension for Louisiana state taxes?
If you know you cannot file your return by the due date, you do not need to file for an extension. No paper or electronic extension form needs to be filed to obtain the automatic filing extension. (Answer revised January 10, 2023).
What is Louisiana CIFT 620?
DOmEsTIC CORPORATIONs Corporations organized under the laws of Louisiana must file an income and franchise tax return (Form CIFT-620) each year unless exempt from both taxes.
What income is exempt from Louisiana income tax?
Louisiana Laws - Louisiana State Legislature. A. Twelve thousand dollars of annual retirement income which is received by an individual sixty-five years of age or older shall be exempt from state income taxation.
Key Takeaways. Income excluded from the IRSs calculation of your income tax includes life insurance death benefit proceeds, child support, welfare, and municipal bond income. The exclusion rule is generally, if your income cannot be used as or to acquire food or shelter, its not taxable.
Why did I get paid a franchise tax?
The term franchise tax refers to a tax paid by certain enterprises that want to do business in some states. Also called a privilege tax, it gives the business the right to be chartered and/or to operate within that state.
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