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More Retirees Will Owe Taxes on Social Security Benefits in 2025
Some retirees are in for a shock next year. Christy Bieber reminds folks here that retirees do not have to pay taxes on benefits until their provisional income equals $25k for single tax filers or $32k for married filers. Once provisional income goes above this limit, retirees could owe taxes on up to 50% of benefits. For those with higher incomes, $34kfor single filers and $44k for married joint filers, up to 85% of benefits could be taxed. While COLAs protect against rising costs, tax thresholds were never indexed to inflation, thus ensnaring more and more people every year as their incomes inch up. Read the full article here.
not very helpful , include standard deductions in your article.
like any tax info confuse as much as possible
j d:
Thank you for taking the time to comment on this post. Please note that this is a linked article and, as an aggregation service, we do not have access to the text used by the author to complete the article. I would note, though, that the author’s use of the term “provisional income” relates to the way the IRS determines the amount of one’s Social Security benefits to be added to taxable income, and that is your adjusted gross income and not your net income. The standard deduction is not considered in calculating the benefit portion added to taxable income.
Yes, it’s confusing, as is so much of the IRS tax code.
Gerry Hafer, Social Security Advisor
AMAC Foundation
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