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More Retirees Will Owe Taxes on Social Security Benefits in 2025
Some retirees are in for a shock next year. Christy Bieber reminds folks here that retirees do not have to pay taxes on benefits until their provisional income equals $25k for single tax filers or $32k for married filers. Once provisional income goes above this limit, retirees could owe taxes on up to 50% of benefits. For those with higher incomes, $34kfor single filers and $44k for married joint filers, up to 85% of benefits could be taxed. While COLAs protect against rising costs, tax thresholds were never indexed to inflation, thus ensnaring more and more people every year as their incomes inch up. Read the full article here.