taxation of benefits
All About Taxation of Retirement Benefits (including Social Security)
Ben Franklin once said, “Nothing is certain but death an taxes.” Especially at the Federal level, taxation of your income may be inevitable, but the story is considerably different when it comes to State income taxes. The fact is, that…
“You Earned It, You Keep It Act” would add 30 years to Social Security solvency–FA
In a post today by Tracey Longo on fa-mag.com, the results of Rep. Angie Craig’s (D-MN-2) bill titled the “You Earned It, You Keep It Act” were suggested to push the projected insolvency date for Social Security’s trust funds out…
The One Social Security Metric that Doesn’t Change
Most Social Security “metrics” (the various factors which affect your monthly benefit amount and the SS payroll taxes you pay) change each year to account for inflation and changes to the national Average Wage Index (AWI). Inflation, obviously, has an…
Will Your Social Security be Taxable?
In response to threatened revenue shortfall for Social Security in 1983, Congress enacted a law which required those with incomes over particular thresholds to pay income tax on half of their Social Security benefits. The thresholds set in 1983 were…
Ten States which may Tax your Social Security benefits
Check out the accompanying article about federal income tax on Social Security benefits, and then read this one which reveals that some U.S. states also levy income tax on Social Security benefits. Although most states don’t tax retirement income, there…
Subtle Missteps That Can Lead to You Short-Changing Yourself on the Benefits Front
Even today, it’s surprising that many folks still are not fully aware of some of the very basic aspects that govern the amount of benefit they will be able to draw from Social Security. For example, our AMAC Foundation Social…
It’s Tax Season–And Social Security Taxation is Again in the Picture
The fact that Social Security benefits may be subject to federal income tax comes as a surprise to many first-year beneficiaries, and it’s certainly not a pleasant surprise. The taxation of benefits is a net that is capturing more and…
More Thoughts on the Taxable Maximum and its Role in the Solvency Problem
Through the years, the issue of raising–or eliminating–the maximum amount of earnings subject to the Social Security payroll tax, the 12.4% assessment levied on payroll income up to the limit set each year, has repeatedly surfaced as a solution to…
A quick look at some Social Security basics
In a recorded article posted at dlshowonline.com, The David Lukas Show presents a discussion on a series of five basic Social Security rules that everyone needs to know when applying for benefits. From taxation of benefits to coordinating of spousal benefits, the 48 minute…