Income tax on 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…