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About Taxation of Social Security Benefits - MARCA
You know what they say about the two things in life which are inevitable? Well, one of them is paying taxes, and many new retirees are surprised to find that their Social Security benefits are subject to income tax by the IRS. Despite cries of how unfair that is and how it amounts to double taxation, paying income tax on Social Security has been part of U.S. law since 1983, and those who exceed certain income thresholds will pay tax on their Social Security benefits. How much? Well, that depends on your tax filing status and your combined income from all sources, but if you exceed the income threshold for your filing status you could pay income tax on up to 85% of the Social Security benefits you received during the tax year. This MARCA Personal Finance article explains.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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