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Taxes on Social Security Income: 3 Things to Know in 2023


In today’s video, we’re discussing how Social Security benefits are taxed! ➡️ Link mentioned in video to calculate if your benefits are taxable: ➡️ Must watch video on what you need to know if you are retiring in 2023: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips Two big questions we get all the time: Are my Social Security Benefits taxable? If so, by how much? The answer is, “It depends on your income!” Currently if your income is more than the following: $25,000 for an individual or $32,000 for a married couple filing jointly You must pay “federal” income taxes on your Social Security benefits. If your income is less than this, your benefits are not taxed. Note: This applies to all the following: Social Security retirement benefits spousal benefits survivor benefits and Social Security Disability Insurance (SSDI) How much you’ll be taxed is determined by the following: up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly. up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple). There are some folks that if Social Security is their only income, they don’t even file a tax return, thus they will never pay taxes on this income. taxes on social security, taxes on social security income, tax on social security benefits, social security taxable income...(read more)


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In 2023, there will be some changes to the taxation of Social Security benefits. Here are three things you should know about taxes on Social Security income in 2023. 1. The Taxable Income Threshold Will Increase: Currently, Social Security benefits are taxed if your combined income (including Social Security benefits) exceeds $25,000 for individuals and $32,000 for married couples filing jointly. In 2023, the taxable income threshold will increase to $50,000 for individuals and $60,000 for married couples filing jointly. 2. The Tax Rate Will Increase: Currently, Social Security benefits are taxed at a rate of up to 85%. In 2023, the tax rate will increase to up to 95%. This means that if your combined income exceeds the taxable income threshold, a higher percentage of your Social Security benefits will be subject to taxation. 3. The Earned Income Limit Will Increase: Currently, Social Security benefits are reduced if you earn more than $18,960 per year. In 2023, the earned income limit will increase to $25,000. This means that if you earn more than the limit, your Social Security benefits will be reduced. Knowing these three things about taxes on Social Security income in 2023 will help you plan for your retirement and make sure you’re taking advantage of all the tax benefits available to you. It’s important to understand the tax implications of Social Security benefits so that you can make the most of your retirement savings. https://inflationprotection.org/taxes-on-social-security-income-3-things-to-know-in-2023/?feed_id=70673&_unique_id=63ec40ab2a190 #Inflation #Retirement #GoldIRA #Wealth #Investing #howtolowertaxesonsocialsecurity #howtoretire #retirementplanning #socialsecurity #socialsecurityadministration #socialsecuritybenefits #socialsecuritycombinedincome #socialsecurityretirement #socialsecuritytaxexplained #socialsecuritytaxableincome #socialsecuritytaxes #socialsecuritytaxes2023 #taxonsocialsecuritybenefits #taxesonsocialsecurity #taxesonsocialsecurityinretirement #TaxesonSocialSecurityIncome #ThriftSavingsPlan #howtolowertaxesonsocialsecurity #howtoretire #retirementplanning #socialsecurity #socialsecurityadministration #socialsecuritybenefits #socialsecuritycombinedincome #socialsecurityretirement #socialsecuritytaxexplained #socialsecuritytaxableincome #socialsecuritytaxes #socialsecuritytaxes2023 #taxonsocialsecuritybenefits #taxesonsocialsecurity #taxesonsocialsecurityinretirement #TaxesonSocialSecurityIncome
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