How To Determine If Your Social Security Retirement Benefits Are Taxed
Up to 85% of your Social Security retirement benefits may be taxable. Heres how to find out how much is taxable and what you can do to reduce or eliminate any tax.
Of all the financial issues surrounding being a senior, the one that tops the list in terms of anger is the fact that, depending on the situation, Social Security retirement benefits are taxable. My experience indicates that some seniors are completely unaware of this fact. I have also had to sit and listen to the ranting of those who are aware. It goes something like this: I already paid tax on the earnings during my working years. The Social Security withdrawn from my income each pay check was a tax. This sounds like a tax on a tax. And on and on
After letting the person blow off some steam, my response typically was, Hey, dont shoot the messenger! Im here to see if any of your Social Security benefits are taxed, if so, how much and what we can do to reduce or eliminate that tax. So let me take you through the first part of our conversation.
Whether or not you are taxed depends on:
1. The amount of your...
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