How is Social Security Taxed?
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- Social Security can be double taxed. Prior to 1984, you could receive your benefits without considering any of that income as taxable. Up to 50% became taxable at that time as a unanimously agreed upon bipartisan effort. Then again in 1994, the code was updated to include up to 85% of your Social Security income as taxable.
The double taxation happens because you are taxed on your payroll over the years, and then again when you begin to receive benefits. However, if you understand how Social Security taxation works, you might be able to tweak some things to reduce or eliminate that.
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🔑 Key Topics :
0:00 - Intro
0:57 - How Is Social Security Taxed?
2:20 - Calculating Combined Income
4:15 - How Some People Avoid These Taxes
6:22 - Why Do Some People’s Taxes Increase?
8:00 - Phantom Taxes
9:03 - Conclusion
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One more reason to go with the Roth IRA.
where does the 12 thousand dollars come from !
Good info, thanks. I signed up for your cheat sheet, but never received a link to download it.
Thanks for letting us know. Sending to you now!
Do I have to pay federal taxes if I make more than 25,000 I am on SSDI
Is VA Disability considered other income
Hello I’m single and no other income my total social security payments in 2023 is $26,676 how much do I have to pay tax? I know I don’t have to pay if my total is $25,000 do I have to pay tax ?!if so how much? Thank you sir
How about if your SSDI equals up to over 25,000 without any other income do I have to pay taxes on top of my taxes
Probably not. The formula only shows how much SS is subject to tax... the rest of the story is when you do your taxes the standard deduction will eliminate additional from being taxed.... unless you have additional other income.😊
Looks legit, I have an example I could give you and for the audience. To many on TH-cam start these channels to provide links to their businesses which is fair, ask a question and "well we can't answer that call us" . Are you one of these or do you take examples I could provide and turn them into what to do examples or near what to do. I have a real life example that I would like to share and gain information but I don't want a link to your business. I understand the advice may not be 100% accurate as you may not know all the pertinent details but close. Can I leave a senario here with a baseline conclusion with no fault of your own for being inaccurate? Hearing from you one way or another will help greatly. I think it will help others in the future as to whether your channel and business is worth pursuing. Thanks in advance.
Social Security are not TAXED if you live in one of these state. Eight different states that Do not tax Social Security and Pension plan ?(Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming - don't tax wages, salaries, dividends, interest or any sort of income. No state income tax means these states also don't tax Social Security retirement benefits, pension payments and distributions from retirement accounts.) You already paid taxes while working now that your collecting Social Security that you paid for while working .. you might want to re think if you want to participate in double dipping or move at one of the eight states that don't do double Dipping??
Yep, kind of a bummer to pay state tax on SS benefits too.
Greed
Cut SS benefits by 50%. Best way to end debt limit crisis. Greedy seniors should do a little something for America.
The same greedy seniors that paid into SS their whole 40+ years of working and paid all the other taxes as well? A small percentage of the population pay taxes in this country and everyone else rides on our backs. The government should never have taken the money out of paychecks if they couldn't manage it. And that is exactly what happened. More and more people put their hand out everyday. Now we have MILLIONS of ILLEGALS to support as well as "victim" American's. I'm taking ALL of my SS...or the government will give it away to any "victim" they can.
eventually the IRS will make even roth IRA income as taxable
You are getting a Federal welfare check. Stop complaining.
@@barrysimmons4546 I am not complaining its just that when you are told how something will work for you and then later they can change the rules that is not right
Probably sooner than later.
Congress has to change it not the IRS
@@Satjr35031 And you doubt that would happen?