Latest News
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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.