Half of Retirees Pay Tax on Social Security Benefits
Despite a 2017 tax reform law, half of retirees pay income tax on their Social Security benefits, and that number has been the same for the past several years. The numbers may grow, as the thresholds for when tax kicks in have not been adjusted for inflation. Robert Powell of thestreet.com reviews who pays income tax on benefits and some steps people can take to mitigate the amount due. Powell also reviews the extra premium payments some retirees, though comparatively fewer in number, must pay for Medicare Part B due to high incomes. Full piece here.
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