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Income Tax on Social Security Benefits
It’s often a shock to many when reality hits for the first time– that they owe income taxes on some of their Social Security benefits. Twelve states also tax benefits. Harriet Edelson takes readers through the thresholds of when tax kicks in. The biggest issue is the thresholds have not been adjusted for inflation since 85% of benefits became taxable in 1993. Thus, each year, more folks are ensnared. The author even explains how you can have tax withheld if you do not want to write a check at the end of the year. Read full article in MarketWatch here.