Social Security Report

The Social Security Tax Torpedo

There is a dangerous nuance in the US Tax Code that is going to sink and destroy your retirement! There is nothing you can do when the Tax Torpedo strikes, taking nearly half of your income with it! Sounds ominous, doesn’t it? The Social Security Tax Torpedo is the name for the phenomenon that occurs when a Social Security recipient has income from other sources, resulting in some of the Social Security being taxed….[However] the implementation of this effect is complex….To determine how much of our SS is taxable, the IRS uses what they call Combined Income. Read More…

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