taxes
Does your state tax retirement income?
Do you know if your state taxes your Social Security benefit and retirement income? Yes, some states do not tax your Social Security income, and some states do, but it is a modest amount. So, what about other forms of…
Your taxes and Social Security
The Social Security Trust Fund will be insolvent within the next ten years, causing benefits to be cut by 23 percent unless Congress reforms the program. The current presidential candidates both say they will not touch the program; however, the…
Challenging the “Tax the Rich” Pathway to Solvency
It’s a frequent refrain when addressing Social Security’s insolvency problem: “Make the rich pay their fair share.” You heard it in the State of the Union messaging earlier this year, you heard it in the recent presidential election debate, and…
Does your state tax your benefits?
The IRS determines your federal tax bill based on your combined income, which includes your AGI, any nontaxable interest, and half of your yearly Social Security benefits. However, only a handful of states tax your Social Security benefit. What states…
Super savers and taxes
Are you a super saver? Are you part of the one-third of American retirees that have a plan to reduce taxes on your retirement savings? The new age for taking required minimum distributions, or RMDs, is now 73, which could…
Taxing-the-Wealthy Theme Highlighted Via Survey
As we’ve been suggesting for several months, legislative interest in addressing Social Security’s steadily unraveling financial picture appears to be heating up. That’s understandable, with the clock ticking louder and louder as the 2033 point of trust fund insolvency moves…
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,…
Is your Social Security income taxable?
Wondering if your Social Security income is taxable? Or if you have to file a tax return? This article by Maite Knorr-Evans explains several scenarios to help you determine what the answers to those questions are for your situation. Read…
Who pays the most and least in taxes
Does the average American pay too much in taxes? A recent poll from AP-NORC found “only about 18% of adults correctly identified the group facing the highest federal tax burden, which is high-income Americans.” Alex Muresianu, a senior policy analyst…
Have you filed your taxes yet?
The 2023 federal tax filing deadline of April 15, 2024, is fast approaching; have you filed yet? Are you required to file a tax return? Yes, some Social Security recipients are not required to file; however, it will depend on…