Washington has no state earnings tax, just like Texas, Florida, and a handful of different states. This implies Washington residents don’t pay state earnings tax on earnings sourced inside Washington, together with retirement earnings and Social Safety earnings. Nonetheless, you’ll nonetheless be answerable for federal taxes for those who meet the IRS earnings submitting threshold.
You need to be conscious of different vital taxes, similar to gross sales and property taxes. This information will discover how Washington’s tax system impacts residents, and spotlight distinctive issues like obtainable authorities credit.
Particular earnings tax issues in Washington state
Though the Evergreen State has no state earnings tax, there are some things you want to bear in mind. These embrace the Washington Working Households Tax Credit score (WFTC) and a capital beneficial properties tax affecting excessive earners. Let’s break these down additional:
Washington Working Households Tax Credit score (WFTC)
The Washington Working Households Tax Credit score (WFTC) is a state initiative that gives a refundable tax credit score to lower-income households. Eligible residents can obtain monetary reduction primarily based on earnings, household dimension, and residency standing. The WFTC works by returning a portion of gross sales tax paid annually.
To qualify, it’s essential to:
Be a resident of Washington for not less than 183 days within the tax yr.
Have a sound Social Safety quantity or Particular person Taxpayer Identification Quantity (ITIN).
Meet the earnings thresholds for your loved ones dimension, just like the federal EITC pointers.
Be not less than 25 years previous and beneath 65 OR have one qualifying baby
Have filed a federal return the yr earlier than claiming the WFTC
Be eligible to assert the federal EITC, or be eligible for the submitting with an ITIN
Be taught extra about eligibility and find out how to apply by visiting the WFTC webpage. In case you’re eligible for the credit score, you may as well declare it from inside your TurboTax account.
Washington capital beneficial properties tax
Washington state imposes a 7% tax on the sale or change of sure long-term capital belongings—similar to shares, bonds, and enterprise pursuits—when beneficial properties allotted to Washington state exceed a regular deduction quantity. For the 2024-2025 tax season (the taxes you file in 2025), this commonplace deduction is $270,000, which means the tax applies solely to beneficial properties exceeding this quantity. This tax applies solely to people and beneficial properties allotted to Washington state.
Among the beneficial properties exempt from this tax embrace:
Actual property transactions
Retirement accounts
Sure livestock and agricultural property gross sales
Timber and timberlands
Industrial fishing privileges
Goodwill from the sale of a franchised auto dealership
Sure deductions and credit additionally apply. In case you imagine this tax could apply to you, report your beneficial properties precisely and perceive what exemptions, deductions, and credit could also be obtainable to you. Confer with the Washington Division of Income for extra particulars and make any required funds by April 15, 2025.
Speak to a tax knowledgeable without spending a dime
Do you have got tax questions? Get solutions from considered one of our tax specialists. Consultants obtainable 5am – 8pm PST – 7 days every week
Different varieties of widespread taxes in Washington state
Whereas Washington doesn’t levy an earnings tax, chances are you’ll be topic to property and gross sales taxes as a resident. Right here’s the way it works:
Property tax: Property homeowners in Washington pay taxes primarily based on the assessed worth of their property. These funds, collected by county governments, assist native companies like colleges, public security, and infrastructure. Whereas state legislation limits the expansion of property tax income levied by particular person taxing districts to 1% yearly, particular person property tax payments can enhance by greater than 1% as a result of elements like new development, voter-approved levies, and modifications in property assessments. Senior residents and folks with disabilities could qualify for property tax exemptions.
Gross sales tax: Washington has one of many highest mixed gross sales tax charges within the US, together with a state price of 6.5%. Native governments—similar to cities, counties, cities, transit districts, and public amenities—might also cost extra gross sales taxes at numerous charges. Mixed state and native charges can prime 10% in some areas. Gross sales tax applies to most items and companies, with exceptions for objects like groceries and prescription drugs. You should use the Washington Division of Income’s Gross sales Tax Lookup app to search out your present native gross sales tax charges.
Find out how to file earnings tax in Washington state
Despite the fact that there isn’t a Washington earnings tax, most residents nonetheless have to file federal taxes. Moreover, it’s necessary to concentrate on every other tax obligations you have got, similar to property and gross sales taxes, which may considerably influence your total funds.
TurboTax simplifies submitting your federal earnings taxes whereas serving to you perceive Washington’s distinctive tax issues. Whether or not you need to do your taxes your self or have an knowledgeable file for you, we’ve got your again.
Searching for extra customized assist? Work with an area Washington tax knowledgeable and get assist dealing with every little thing from begin to end.
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