Income tax on benefits
President-elect Trump’s Proposal on Eliminating Income Tax on Benefits Resonates Well
A Newsweek.com post published today indicates widespread support for Trump’s proposal to exempt Social Security benefits from the annual income tax calculation. Specifically, a recent Monmouth University poll, nearly two-thirds of the more than 1000 respondents favored the change, while…
Analyzing President-elect Trump’s Proposed Elimination of Income Tax on Social Security
The days, weeks, and months following Donald Trump’s return to the White House will be eventful, to be sure. And one of the key policy areas seniors will be following closely is candidate Trump’s promise to remove Social Security benefits…
What do Think Tanks say about Donald Trump’s Proposed Tax Cut for Social Security Recipients?
Some say it is not a good idea because it will benefit the “wealthy”. What is the definition of “wealthy”? There are lots of seniors making under $100,000 a year that would benefit greatly, especially widows and widowers. Yes, if…
Another Tax Time Alert–Remember that Withdrawals from Deferred Retirement Accounts Will Affect Your Income Taxes
Although withdrawals from 401(k) plans and deferred (non-Roth) IRAs do not directly affect Social Security benefits, they do have a direct impact on the amount of your modified adjusted gross income used to calculate your federal tax obligation. As a…
Tax Time…Has Last Year’s COLA Put You Over the Threshold?
Many seniors with taxable income close to the threshold for including Social Security benefits as part of the calculation may wind up with a tax bill as a result of last year’s higher-than-usual cost of living adjustment. The threshold for…