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Tax Strategies Scan: Minimizing Taxes on Social Security
(Source - www.accountingtoday.com)
Most clients who only receive Social Security benefits during their retirement years are likely not going to be taxed unless if they also receive income from other sources like an IRA or 401(k), according to Investopedia. However, if the Social Security benefit hits $25,000 for single individuals or reaches $32,000 for married filing jointly, then the income is subject to tax depending on the amount. To avoid taxes on other sources such as traditional IRAs or 401(k)s, one may consider converting these accounts to Roth IRAs. Some experts also suggest consuming income from taxable accounts first until one is eligible to receive Social Security benefits at age 70. – Investopedia Read more…
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