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…
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.