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When you start your Social Security Benefits they may be taxable.
If your only income is your Social Security benefit, you probably won’t owe taxes. However, if you have other taxable income, you will most likely pay taxes on some of your Social Security benefits. Approximately 56% of Social Security recipients pay taxes on their benefits.
Suppose you are planning retirement and have other income sources affecting your taxable income level. In that case, it is essential to assess the impact of your total income on your Social Security benefit. If you are unsure, consultation with a tax accountant is advisable, since you could likely be paying taxes on anywhere from 50 – 85 percent of your Social Security benefits.
The following USAToday.com article by Author Medora Lee gives you some insight on things to take into consideration here…
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