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Know the Rules on Taxation of Social Security Benefits

Many seniors are aghast that the IRS takes a piece of their Social Security benefits. Of course the law is the law.  Maurie Backman of The Motley Fool dives into the issue, noting low income seniors whose only source of income id Social Security likely would not hit the taxation threshold.  Similarly while 13 states tax benefits (Backman lists them), some also have thresholds before tax kicks in.  Read her full piece here on what everyone should know about Social Security benefits and income tax.

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