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Taxation of Social Security Benefits - Ottumwa Courier
Even though the Big Beautiful Bill includes an additional $6.000 deduction for seniors 65 or older, it did not eliminate the taxation of Social Security benefits. Depending on your income, you may still have to pay taxes on a portion of your Social Security benefits. Along with the Federal taxes you may have to pay, there are nine states that tax Social Security benefits. They are Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia.
Approximately 40% of Social Security recipients have income high enough to pay taxes on a portion of their Social Security benefits. To determine the taxation of your benefits, you should contact a tax advisor or download IRS Publication 915. You can download IRS Publication here ….. You can also find out if any of your benefits are taxable by using the following IRS tool …..
If you determine you need to pay taxes on your Social Security benefits, you have three options for paying them. You can complete IRS form W-4V, Voluntary Withholding Request (Form Available…..,). if working, you can increase your payroll withholding, pay when you file your taxes, or make estimated payments throughout the year. To read the full article by Jim Miller in the Ottumwa Courier, click here …..
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.