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Taxes on Your Social Security Benefits–Ways to Escape
One of the more negative surprises newly-minted Social Security beneficiaries get hit with is the federal income tax on their payments. And it’s becoming an issue for more and more folks every year, since the thresholds are not indexed and have been in place for decades. When originally implemented, the taxation levels were expected to impact only a handful of taxpayers; today, that “handful” is more than half of all current beneficiaries. On top of the federal levy, many states impose an income tax as well.
There is a way around the taxes, however, as explained by The Motley Fool’s Katie Brockman in a post on their website. That’s the good news. The bad news is that one requires limiting income, and the other involves moving to another state. Read Ms. Brockman’s post here…
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