taxation
Social Security Taxation Rules – 2026
There has been a lot of media discussion about taxation of Social Security benefits, what with the passage of the so-called “One Big Beautiful Bill” (OBBB) last year. But as beneficial as the OBBB is to your IRS tax bill,…
Update on the “You Earned It, You Keep It” Initiative
As many seniors are aware, “You Earned It, You Keep It” legislation is alive and well in the 119th Congress. H.R. 2909 (sponsored by Rep. Angie Craig D-MN) and S. 2716 (sponsored by Sen. Reuben Gallego D-AZ) are currently winding…
Was Income Tax on Social Security really eliminated?
There has certainly been much discussion on this topic since the so-called “one big, beautiful bill” was passed by both Houses of Congress and enacted as law by President Trump. Many, including the Social Security Administration and the Trump Administration…
When you start your Social Security Benefits they may be taxable.
If your only income is your Social Security benefit, you probably won’t owe taxes. However, if you have other taxable income, you will most likely pay taxes on some of your Social Security benefits. Approximately 56% of Social Security recipients…
2024 Election Campaign – Trump Comments from North Carolina
Speaking at a campaign rally in Wilmington, North Carolina, former President Donald Trump delivered remarks focused on the key issues taking center stage in this election cycle. He covered several tax issues, including the “no tax on tips” pledge, the…
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…
Federal Income Tax on Social Security Benefits
That historic 8.7% Cost of Living Adjustment (COLA) last year was a welcome addition to everyone’s monthly Social Security benefit, but some beneficiaries may be in for a surprise when they file their 2023 taxes this year. A portion of…
States That Tax Social Security Benefits: 2 Down, 10 To Go.
With Nebraska and Missouri taking action to exempt Social Security benefits from state income tax, the list of states retaining this provision in their tax code is now down to 10. For Nebraska, it took a series of tax law…
Understanding Taxation of Social Security Benefits
For many folks, slightly more than half of all retirees receiving Social Security benefits, the annual federal income tax filing process reawakens the annoyance of having Social Security benefits included in their taxable income. Of course, what makes the process…
Some Little-Known Social Security Provisions/Rules That Might Be of Interest
Social Security has a bewildering collection of regulations governing the manner in which benefits can be drawn, but many of them deal with very unique situations. There are a few, however, that are often overlooked in their obscurity even though…