Latest News
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…
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.