Social Security Federal Income Tax
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- เผยแพร่เมื่อ 19 ก.ย. 2022
- Social Security is taxed based on your other income besides Social Security. If you only live off Social Security, you pay little or no income tax. If you have a small other income, you still pay little income tax on your other income and your Social Security. With a substantial other income, 85% of your Social Security counts in the calculation of your taxable income. This is an important number to know when we do cash flow planning, tax planning, and IRA distribution planning for retirees. I go into a more in depth look at this topic in the video above.
Show Notes: cardinalguide.com/wp-content/...
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com.
Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. The content of this channel is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Capital Management. Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency. Any review of “The Complete Cardinal Guide” is specific to the book and is not an endorsement of the advisor. - แนวปฏิบัติและการใช้ชีวิต
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The first man is so different from other YT presenters. His speech is slow and steady, giving the listener time to absorb. He's fast becoming a favorite.
Call this company a few times to ask a important question and they never call me back and they try to appear so helpful on utube. Wow
This government wants you to live in poverty and not be able to live with any extra money for emergency needs. Social security isn't enough to pay rent, utilities, transportation and food so people have to work somewhere. Social security should not be taxed as high because we are in a high inflation this year which is affecting our income for rent, food, and utilities. Many people have worked for many years to be able to get social security and now they are being taxed for working and they aren't able to buy a house. Some people don't have a 401 k because they have a family to support which is important. Many single parents are not that lucky to have extra money. Some people don't even own a house or car which they depend on public transportation or taxi service which could be expensive.
That’s exactly right! They want you poor!!
Public transportation like bus service isn't expensive though. It's very cheap.
@@michael7054 my area doesn't have bus service so that would be hard to have cheap transportation. I also don't have the money to move to a city that has such service because many places have high rent. The cost of living is expensive if your not making enough to begin with.
@patriciabennett9508 small cities and medium sized cities have low income housing and bus service. I live in one. I live in low income housing. I have bus service. Runs every hour for one dollar. I think more places need bus service.
Great stuff Hans and Tom.
This was a really, really excellent video. Thanks for sharing.
I agree!
Excellent video! I was confused at the beginning when the whiteboard was showing $8,700 as the MFJ standard deduction. But then at the end the missing "2" was on the board.
Great video!
Excellent
IRS publication 915 will greatly assist you on your S. S taxability.
AWESOME videos! Can you please confirm/deny: for the income test to see if your ss benefits are taxed; the FIRST year only, the SSA does not count your other w2 income?
Good video, however you did not consider the heath and longevity of the two that will wait to 70 to collect SS.
That would be close to 90 years old to break even if they started collecting at 70.
Even though full retirement would be less (if the waited to 70) they could enjoy those funds from 66-70.
If either died before 85 they would have lost money if they waited to 70 to collect.
Great video. Helped me wrap my mind around the SS tax implications…Thanks!
Government reallocating our insurance is not by consent non disclosures Equity indeed by definition THEFT spent irrationally
You are collecting a Federal welfare check. Don't whine.
How does Military Retirement benefits factor into calculating taxable income? Income sources, SSAN, Military Retirement, IRA?? Thank You
I have been on Soc Sec Disability for some years now. I just turned 65 and a small pension has just kicked in, $120.00 a month. I was always told I do not have to pay taxes on the SS Disability. This will be the first year I turned 65 in 2022, that I will pay taxes on my pension.
You are very fortunate.
@@roddistevens2021 How so?
@@Justjack613 Bravo
so if it is your only income there is no exact answer? little or no income tax? which is it.
My husband and I bought a new house sometime on the year of 2005 but it wasn’t finish until Aug of 2006 is when we moved in, we paid $ 332,000 I lived there till we moved to another house sometime in Apr 2008 then I put it on the market to be sold but the company I hire to sell it didn’t make any effort to sell it, so I decided to rent it out in Aug 2008. Last year in Jun 2022 we sold the house for $592,000 and on Sep 30, 2022, my husband and I retire from our jobs. I would like to know how all this is going to work for us when we do our taxes, we both over 65 years old and w just like to use our money for our retirement Thank you. Sincerely, SL
If you lived in the house 2 of the last 5 years, you can exclude $500,000 of Capital gain tax. You did not live there for 15 years. The $332,000 you paid is reduced by depreciation you claimed on your taxes from 2008 to 2022? Say $132,000 for depreciation so your basis is $200,000. The $592,000 is reduced by sales commission, fix up costs- say $42,000 so your net from the sale was $550,000. $550,000 minus $200,000 = $350,000 capital gain. You should owe 15% capital gain to federal and state income tax to your state. Find a good CPA to help you with this. Thanks for watching and subscribing
@@CardinalAdvisors Thank you so much for giving me this information, I truly appreciate it.
Hello, quick question, I am a 62 yo retired Federal employee. I get a monthly annuity and have Federal tax taken out of that. My wife still works and has Federal tax (10%) taken out each paycheck. This past year we got a Federal tax refund of over $2k. Since I turned 62 two months ago, my SSA Supplement ended. Starting this month I will begin receiving my Social Security benefit payment which works out to be about $700 more than my SSA supplement was per month. My question is, since my wife and I received a good amount from last years Federal tax return, am I required regardless to have additional Federal tax taken out of my Social Security benefit even if I think we are paying adequate Federal Taxes on our income? Thank you.
Why is only $1000 of her $18000 SS money taxable?
$1000 is the federal tax she will pay on ALL of her income after taking the standard deduction.
I thought the standard deduction for single are widow was 25 k
No wonder, after I got sick I asked my tax man if I can report taxes and he said no. I wish I could it have so I could receive the child tax credit 😑
Has the IRS finalized the 10 year rule yet for inherited IRAs? I'm holding off on taking the withdrawal for this until it's finalized.
Nothing yet from the IRS about RMDs for IRA beneficiaries under the 10 year rule. Ed Slott organization monitors the IRS communication and will tell us. We anticipate communication before year end. Thanks
I know so many single people who started collecting their SS at 70 but continue to work "full-time" past age 70. I guess a lot of their SS and/or their paycheck will go to IRS, right? How much SS will they lose? How much of their paycheck will they lose?
If you start Social Security at 70, you don’t have to give any Social Security back because of work income. 15% of their Social Security is always tax free and 85% is taxed as income. With clients like this, I recommend saving their net Social Security income and deferring taxes on their interest income. Roth conversions work well for these people too. Hans
@@CardinalAdvisors They cannot defer taxes on their income because some of them are 73 years old and came back to work full-time (their regular job) - they need to file IRS tax returns every year and plus their SS included in the taxes, I wonder whether it's even worth for anyone to continue working in their 70s?
My husband receive disability ss- are we still subject to 85% tavable?
If you have substantial other income besides SS yes.
For a self employed individual is that combined income after business deductions?
After business deductions on schedule C
@@CardinalAdvisors ty!
I read that the combined income calculations were gross, not net in figuring out working while collecting SS.
People who make less than $100 thousand will be taxed at a higher rate. Those who make over $100 thousand dollars are treated differently and pay less taxes. The government controls the amount you can have to live off of especially if you are making less than $100 thousand a year. The government doesn't care about the higher rent prices, food prices, and utilities because that's your problem but they don't want you to have the money you work for or the social security you paid into to live off of. If you have millions then you can lawyer up and have many options especially write offs which you can keep 90% of your income or more. People who are low middle class are the ones who pay the price. The government doesn't want you to work and get your social security at the same time. Many people have worked for years and put money into their social security to help paying for retirement but they also need extra money because social security alone doesn't pay for high cost of inflation. This government treats the elderly as useless human beings by setting the amount they should live off of. Social security doesn't cover as much as it use to because the cost of living has gone through the roof which has put our older generation in a spot where they still have to work to survive. The millionaires have no problem with money matters but to have more than one house and definitely more than one car. Many Americans don't own a house or even a car. This society has put our seniors in the lowest possible place for any American to live. The babyboomers put their families first and supported them with what they had but now they are treated differently and put aside to live below poverty across our country. Shame on those who never worked hard and tried to make ends meet . Shame on those who have no idea what real hard work is and take life for granted. This administration and government has put our country and citizens at risk which in turn will be a 3rd world country but only the elite will rule. Stand up for America 🇺🇲 one nation under God 🙏🙏🙏
So if I make 33,600per year SSD Single and live in Florida I would only have to pay 50 percent tax on 1,600 of the 33,600 correct?
Thanks
It sounds like you will pay no income tax unless you have substantial other income besides SS.
@@CardinalAdvisorsI am a widow and will turn 68 this year. I clean houses part time and make around 22,000 a year plus draw my husband’s SS which is 920.00 should I file taxes and if so what would I pay in Federal taxes. I live in Florida so no state tax.
@@lindaparish9000 Your federal tax would not be much. You most likely owe self employment Social Security payroll tax on the $22,000. Surely you have some deductible expenses in your cleaning business? AARP will do taxes for free. I’m leaving it up to you to make the decision to file or not.
You pay tax on social security you are taxed your entire working life to fund SS it would be like contributing to a retirement fund or insurance company than having the company you paid it to tax you for using it in the future!!! I am too young a little over 43 to ever get SS, if I do get any it will be in a currency that is almost worthless by then. If you're not buying bulk food, cooking and heating fuel, ammo, and silver and gold by now you're a fool.
I don't know who needs to hear this! Stop relying on the government and savings. Invest some of your money if you want financial stability, the pandemic has thought us the importance of having several streams of income.
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Taxes are illegal...bottom line. We have all worked hard for our money and to have a pension to be able to survive. Isn't it stated that at age 66yrs 8mos you can earn any amount????
The low income earners that work just as hard as you need help like medicaid and food stamps. I think Jesus Christ would just think people should make based on how hard they work.
I think your first example is all messed up. The woman's maximum social security would be 85% which would be lower than the test you gave her. Plus you did not include that she was a qualified widower or that she got the extra deduction for being 65 years old. You also didn't say whether or not her long-term capital gains or tax-free because they were under $40K. I think there was a lot more detail that could have been put in versus trying to get people to become a client.
Does anyone know:
When a person applies for SS at age 62 or above, the SS online website application has a checklist of things you need. In that checklist one item under "Marriage and Divorce"
• Name of prior spouse (if the marriage lasted more than 10 years or ended in death)
Question... If the prior spouse marriage did NOT last more than 10 years, do you NOT have to list any prior marriage(s)?
The only reason to list prior marriage is to collect from ex-spouse SS record. Since it did not last 10 years, you can ignore it when applying
@@CardinalAdvisors thank you
I have a question maybe 2 questions
I retired and move to Dominican Republic
After working 8 years I Puerto Rico and 42 years in Georgia
I receive 2,200.00 a month from social security after paying 172,00 a month for Medicare
If something happen to me here I have not Medicare covered because it is a foreign country
I wanted to cancel my Medicare and use that 172.00 for medical insurance here ( that is not good anyway but it is better because I live here)
I am 69 years old and very healthy
Maybe I die tomorrow but today I am in top shape ( I look 55)
I receive my social into direct deposit and use a debit card to
Maintain cost of living here
I could not leave in the USA in GA
with 2,200.00 a month a decent apartment cost 1,000.00 a month
Car, gasoline, electricity, phone and grocery could cost me 1,200 a month easy ( car payment I have not car)
Public transportation from a decent place does not exist
Do I need to pay state and federal taxes?
Single not dependent not dog or cat.
I live happy here in the Caribbean with 2,200 I am a king !!
Good for you! Keep up the good work!!