Income Tax on Social Security
About Taxation of Social Security benefits
It catches a lot of retirees by surprise – they claim their Social Security benefits unaware that collecting those benefits may very well result in a surprise income tax obligation when they submit their income tax to the IRS. Basically,…
The Social Security Rule That is Costing Seniors Billions
Kailey Hagen explains the chatter about what is changing for Social Security in 2024. Essentially it is the typical yearly changes tied to inflation that affect benefits, the wage base, and how much can be earned through working and collecting.…
Pros and Cons of Working in Retirement
There are many reasons why folks drawing Social Security benefits continue to work. Some relate to financial necessity, some are driven by the need to stay socially connected, and others simply reflect the curiosity of exploring job opportunities and work…
Retirement Planning: Be Aware of How Benefits Are Taxed
It often comes as a surprise to the newly retired to find out that a significant portion of their Social Security benefits are subject to federal income tax. And if their cash flow planning has not taken that into account,…
Social Security Recipients and Income Tax Obligations
If you’re a Social Security beneficiary and you haven’t yet filed your annual federal income tax return, now’s a good time to be sure you’re clear on what your legal obligation is. To help, CNET’s Nina Raemont, in a post…