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COLA and the Thresholds for Federal Income Tax on Your Benefits..Not a Good Story

The January 2023 cost-of-living adjustment (COLA) will be a welcomed shot in the arm to many seniors, but to some it will bring with it a sobering reality in the form of higher federal income tax. It’s a kind of “good news, bad news” story, as explained in a post by U.S. News contributor Rachel Hartman. Her post outlines the methodology behind the COLA calculation process, and accompanies that explanation with a review of how Social Security benefits factor into the determination of federal income tax obligations. She concludes her post with several suggestions on tax planning that might help mitigate the impact on personal situations. Check her post out here...

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