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Yes income tax is due on Soc Sec benefits in some cases
Seniors are often stunned to find out they must pay income tax on some of their Social Security benefits. It’s not always avoidable, but some planning can help. Katie Brockman’s easy to understand piece here explains the thresholds for when tax is due. What you’ll pay in taxes on benefits (and whether you’re taxed at all) depends on your income in retirement. The Social Security Administration considers “combined income,” which is your annual retirement income plus half your Social Security benefits. If you earn above $25k as an individual or $32k if married filing jointly, your benefits will be taxed. Read the full piece here.
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