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Another Tax Time Alert–Remember that Withdrawals from Deferred Retirement Accounts Will Affect Your Income Taxes

Although withdrawals from 401(k) plans and deferred (non-Roth) IRAs do not directly affect Social Security benefits, they do have a direct impact on the amount of your modified adjusted gross income used to calculate your federal tax obligation. As a result, the net effect on the proceeds you receive via Social Security could be diminished if your taxable income exceeds thresholds currently in effect. The Motley Fool’s Maurie Backman offers comments on this topic in a post on their website. Access it here.

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