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Taxes on Your Social Security Income

Income tax is due on Social Security benefits in many cases, though it is a surprise to many seniors. The Social Security Administration (SSA) estimates that about 56% of beneficiaries will need to pay some amount of taxation on their benefits. Mark Blank takes readers through how the IRS determines the level of taxation. He notes Social Security benefits are weighted less than the other parts of your income. Still, the thresholds have not been indexed for inflation since income tax was expanded in 1993. Full article here.

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