Latest News
Tax Time…Has Last Year’s COLA Put You Over the Threshold?
Many seniors with taxable income close to the threshold for including Social Security benefits as part of the calculation may wind up with a tax bill as a result of last year’s higher-than-usual cost of living adjustment. The threshold for single filers is $25,000 for up to 50% of their benefit to be roped into the calculation, and $34,000 to bring in up to 85%. For couples, the thresholds are $32,000 and $44,000. Not a pleasant situation, of course, but relief for next year might be on the way (see today’s headline post). For this year, though, check out the cnet.com post by writer Katie Teague for more background on the tax issue.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.