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Tax Tip: How Social Security and Railroad Retirement Is Taxed
All too often during the tax filing season my explanatory memo to clients includes the following statement: “Because of the way Social Security benefits are taxed, for every additional dollar you receive, you are taxed on $1.85!” The amount of Social Security or Railroad Retirement benefits that are subject to federal income tax depends on the amount of your other income - both taxable and tax-exempt. Read more.
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