Taxation of Social Security
Should You Have Taxes Withheld from Your Social Security Benefit?
Up to 85% of your Social Security benefits can be taxable income. You can use IRS form W-4V to request tax be withheld from your Social Security benefits. This move can help keep you from owing money at tax time.…
Ask Rusty – Should I Wait until Age 70 to Claim Social Security?
Dear Rusty: I am a married woman, at my full retirement age, and the primary earner in my marriage. How do I know if I should take my Social Security now or wait till 70? I will lose quite a…
Trump’s Plan to Eliminate Federal Tax on Social Security
President Trump has stated he wants to eliminate federal tax on Social Security benefits. Robert Thomas, Senior Editor for Newsweek explains why that may not be a good decision in the long term. Although it sounds great to give tax…
Exploring the Impact of the “No Tax on Social Security Benefits” Pledge
The 2024 Presidential Election cycle is in its closing weeks, and one issue that has received considerable attention is the question of taxation on Social Security benefits. From assessing payroll taxes on tip income to eliminating Social Security benefits from…
Surprise! Your Social Security Benefits Can be Taxed
It comes as an unwelcome surprise to many new Social Security beneficiaries, but the truth is your monthly benefit may be subject to federal income tax. In fact, it’s not only possible, it’s likely, since more than half of current…