Thoughts on Dealing With the Dreaded Federal Income Tax on Social Security Benefits
It often comes as a surprise (and not a pleasant one, at that) to the newly retired when they file their federal income tax return after beginning their Social Security retirement benefits and find that receiving this benefit ups their tax bill. So, for those approaching the decision on beginning to draw benefits, it’s a good idea to be fully aware of how this provision in the tax code works. A post by The Motley Fool’s Robin Hartfill provides some background on this topic. Check her post out here.