Will you pay income tax on your Social Security benefits?
Many are surprised to find that their Social Security benefits may be taxable income. If your “combined income” – that is all of your other income plus 50% of your Social Security income – exceeds certain levels, your benefits may become part of your taxable income, meaning you could pay tax on as much as 85% of your benefits. In this timely article by Barry Lisak appearing at The Chief (NY), the author explains how to determine if you Social Security benefits are taxable and, if so, how much. Click here to read more.
If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…
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