Income Taxes: 2021 Tax Rates for Retirees

[@kathyfann]

Thank you I am 66 and a widow and was very concerned so this will help me. I absolutely appreciate your video

[@pauld9653]

85% of your Social Security IS taxed, if your joint income is above the threshold of about $45,000 a year..

[@girliedog]

I've listen to several videos on this & you've done the best job of explaining this for a person like me who knows nothing.

[@CardinalAdvisors]

That makes me happy Virginia!

[@mjktig]

I agree. I know enough to be "dangerous." That's why I, too, need videos like this one.

[@shelleyzoe8254]

ditto

[@marcrose23]

This is a great video. I think very few people understand the basics of how our tax system works. Thanks for the clear explanation!

[@CardinalAdvisors]

You are welcome Hans

[@shelleyzoe8254]

Thank you I've been trying to figure this out as a new retiree at age 63 and single about to take Social Security and use an IRA and has a mortgage etc. totaling 14 K in deductions minimum I just did not know where to tax in my calculations you've made it very clear thank you. thank you Trump as well

[@mindypham6640]

Thank you for sharing Retirees and social security explaining very helpful only pay for withdrawal 401k taxes and don’t pay social security

[@elainenilsson5472]

I see what you are saying. Plan ahead to take out the maximum for the tax bracket from the taxable savings. This is now eligible for the ROTH where it can continue to grow. I like how you think.

[@dewservices]

There are several pearls of information in this video. Great information.

[@jjpac2011]

Very informative. People should continue keeping all records for deductions for tax purposes. In our case, as in most, we do use the fed standard deduction. However, our state standard deduction is a little over $4,000 and fairly easy to exceed that when we itemize.

[@davenone7312]

Yes the Fed standard deduction is awesome! We have President Trump to thank for that! No democrat would have ever gave the middle class a real tax break like this!

[@owenkelly8351]

Wow My brother is married on Social Security both are making total $43,959, he got his crypto taxes on short term $8,000 and Long Term 50,000 both are 71 This video opened my eyes since we were talking about this last night. If I saw this correctly he has nothing to worry about the $50,000 Long Term Capital gains since its not taxed? I sent him this video he was a bit worried about this. Nice video Thank you love to hear your feed back

[@jamesec1949]

The $1,350 is per person. An elderly couples standard deduction is $27,800. Not $26,450.

[@evelyne7071]

Really helpful not to worry about taking out Ira distribution given the standard deductions. Thank you

[@prathimadeshpande]

Thanks for your explanation .Easy and understandable we are the future retirees. Plan now only better.

[@catherine7147]

Great video and helped me understand how this works for SS and a pension.

[@edwardglatzmayer5466]

Nice job on the video. This is very helpful as you really simplified it for us at age 61.

[@cindyrodger4867]

this was a simple yet excellent talk! Thanks 😊

[@sandraconway]

Thanks so much for straight simple talk and not complicating things as I plan to retire!

[@CardinalAdvisors]

My 2022 tax video just went up yesterday

[@inquirer1016]

Excellent informative video. It's very well explained. I didn't really have a grasp of the tax rate until I saw this video. Great job.

[@famousamos1]

Also he didn’t mention if a married couple converted $200k to Roth IRA and your MAGI is over $276k and both over age 65 that Medicare B premium could go up from $148.50/m per person to $386.10/m. So a married couple sure could be paying 24% federal tax but will pay $5,702.40 for a year higher Medicare B premium.

[@CardinalAdvisors]

This is called IRMAA, we did a video on it here: kzbin.info/www/bejne/gpyrqp-IabOImqM Thanks for watching and commenting!

[@bruceclyne5254]

Nicely presented information = new subscriber.

[@CardinalAdvisors]

Thank you

[@maryh3438]

I am seeing that the Federal Standard deduction for Single filers is $12,400 and those over 65 is $1,650.

[@beezneez2056]

It’s an additional $1650 if you’re over 65

[@DonWalley]

thank you for addressing brackets. for some reason this is the only vid Ive found that clarifies this. they all talk about 50 or 85% but no help on how to estimate dollar amounts.

[@CardinalAdvisors]

Thanks for the comments. There is a 2022 video up there that uses the 2022 brackets

[@LinhHa-sd4zf]

@0:32 by adding 1,350 is only one of them 65 or both? Hans, I stumped on your Report on these difficult/complicated subjects, my eyes wide open, big thanks 🙏 to you and God bless

[@CardinalAdvisors]

Both get $1350. My math was wrong. Thanks Hans

[@RetrieverTrainingAlone]

We live in Alaska...limit our 401k income to less than $80k so our federal tax rate is 12%, and we qualify for subsidized Blue Cross Gold health insurance under Obamacare...that saves us over $25k in health insurance per year. Alaska has no state income tax, no state sales tax, at age 65 the first $150,000 property appraisal is waived from property taxes. Our annual permanent fund dividend check is taxed by the federal government.

[@CardinalAdvisors]

Missey We can help you with Medicare once you reach 65. I’m licensed and have several clients in Alaska. Thanks Hans

[@richardriggs1075]

Glad I found you Hans. In my simple world, when trying to figure what my taxes will be when I retire, I just subtract my single standard deduction from my total income then add it back to my total after figuring the taxes. Am I way off base with that thinking? Will look forward to more of your videos.

[@CardinalAdvisors]

Richard That sounds correct. Social Security is not included. Hans

[@t.a.5659]

Great video. Just what I was looking for!

[@famousamos1]

He’s wrong in his example married filing jointly $40k SS benefit and $30k taxable IRA distribution. $11,100 of SA benefit is taxable so the married couple would have $41,100 taxable income before standard deduction $25,100 + $1,700(over age 65) = taxable amount $14,300 not $5k as he says.

[@roncurtis4988]

I wish I could talk to you privately about my wife and I situation. You explain everything very well, better than anyone I have listened to.

[@CardinalAdvisors]

Ron I’d be happy to talk with you. Thanks for watching, liking, and subscribing. Hans "John" Scheil Certified Financial Planner™ 2530 Meridian Parkway, Suite 100 Durham, NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com [e-mail] America’s Medicare & Long Term Care Financing Expert

[@SandraStevenshlpmehlpu2014]

What if your husband is over 65, but you are not? My husband has Social security and two other retirements for a total of around 32,000 a year and does not pay taxes. Are we still safe?

[@justinchamberlain3443]

2:00 You can quit keeping track of your itemized deductions bc they'll likely never exceed that of the standard deduction 3:01 "it brings the actual taxable income down to $5k"!!

[@robynnichols1695]

After reading the other comments about taxing social security along with other income I wish someone would make a video on exactly how to calculate taxes with social security.

[@CardinalAdvisors]

kzbin.info/www/bejne/lXi5hnyur76Zers. On this channel.

[@billballeza377]

Good information, Hans! Thank you.

[@frankwhipple4813]

Great Info in plain English 👍

[@generatorjohn4537]

Hans, You gave an awesome summary on these 2021 tax brackets. You are correct these tax brackets will sunset by 2026, however the Biden administration could make them go back higher sooner than 2026. He promised he would in the debates.

[@CardinalAdvisors]

The last president needed the congress to pass tax reform or lowering tax rates and it was not easy. I think Biden will try to raise rates, but he faces some road blocks. Either way, converting now makes sense for a lot of clients.

[@KenOtwell]

Biden promised to NOT raise taxes if you make less than $400,000. If he goes back on that promise he will be pilloried, and rightly so. I've seen no indication that he will go back on his word. However, that doesn't mean these automatic increases in 2025 won't happen... he'll just say those were in Trump's plan (and he will be correct.)

[@carlshultz9357]

@@KenOtwell Biden will not be the president in 2025!

[@KenOtwell]

@@carlshultz9357 After the border ghosting and Afghanistan debacle - I'm afraid you may be right. I just pray to God that Trump doesn't win again.

[@suespony]

Thanks, excellent explanation

[@CardinalAdvisors]

Glad it was helpful!

[@TheEtbetween]

Thanks Greatly Appreciate

[@fredfromboston812]

WOW probably the BEST video that I have seen explaining this stuff,,,,however I have a simple question - the wife and I are both retired school teachers (64 yrs old) and dont get Social Security but do get a Pension.... does everything that you explained still pertain to Pension income???? Thanks and thanks for this great video.

[@CardinalAdvisors]

The pension is different from Social Security. Most likely you are already collecting pensions. For health insurance, most state teachers plans give you good health insurance until 65 and then require you to sign up for Medicare at 65. The retiree plan after Medicare pays what Medicare does not. Most likely you are in good shape but I would check with the plan and also talk to another teacher who is a little older than you. If you gather the information from the plan, I’ll be glad to look through it for you. Consider buying long term care insurance while still 64. Thanks Hans Hans "John" Scheil Certified Financial Planner™ 2530 Meridian Parkway, Suite 100 Durham, NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com [e-mail] America’s Medicare & Long Term Care Financing Expert

[@bhh54]

Thank you , very helpful information ! !!

[@scottwebber652]

The ability to cash in an investment n not pay tax on the gain is something I’ve taken advantage of n recommend it if u can. As I suspected I’ll b payin more tax than I did working even making good money.

[@nenettewalsh7741]

Oh god I do pay tax forever all gone up Medicare too. Before I only pay federal now last year I have to pay state. And I can’t afford rent not unless your low income .

[@jr2040]

40K SS and 30K of regular income (pension, annuity, IRA withdrawal, etc) will cause $11.1K to be reported on line 6 of the 1040 form for taxable SS - $13.7K taxable income and $1.35K in tax. Social Security does show in the tax bracket. If the couple make a $100K Roth conversion - SS will increase to $34K taxable, $136.6K taxable income, almost $22K in FED tax. The couple could trip the $176K Medicare B premium penalty with a too high Roth conversion.

[@adrenna123]

Thank you... his math doesn't add up... the SS income comes from the worksheet and is dependent on other income........ maybe I don't understand fully....... according to the worksheet this year, of the 25K we made on SS (I started drawing in Oct), 22K was taxable. I think he left a lot of important info out of this....

[@jr2040]

@@adrenna123 He did not cover "provisional income" - the calculation to determine how much of SS will be added to taxable income (1/2 of SS, all other income and dividends from muni bonds). Tax on SS varies from zero and can increase up to 85%. KZbin search for "Tax Torpedo" or taxes in retirement. SS can add in with other income, minus your deduction to figure out which tax bracket you land in and then how much tax is owed. He missed on the standard deduction for +65 people, he showed $1,350 but it should be twice that amount for married filing jointly. Maybe you rounded up, but the max SS taxable for you would be 21.25K (22k * .85). Avoid forms, buy tax software - it makes way less mistakes than a pencil.

[@carlcarefor7882]

How about losing all FICA taxes? 12% gone before i take a dime as small business owner? plus 20% federal plus 2% local plus 3% state 6.75% sales,lproperty tax...equals 43% tax at top end LOUSY

[@Calventius]

Very competent briefings which compelled me to subscribe.

[@CardinalAdvisors]

Thank you!

[@michael7054]

Great video!

[@FlaschDJ]

Outstanding. Relevant. Clear. Thank you. Are you accepting clients?

[@CardinalAdvisors]

Thank you. We are accepting clients in all 50 states and DC. We use ZOOM or just old fashioned telephone to meet. Hans "John" Scheil Certified Financial Planner™ 2530 Meridian Parkway, Suite 100 Durham, NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com [e-mail] kzbin.info/www/bejne/gJDNomWrbr1sm7s America’s Medicare & Long Term Care Financing Expert

[@cavy95]

I am thinking a Roth 401k May not be with it, if my mortgage is paid off, I can live inside the 12% federal tax bracket, and live in a income tax state. I.e. Florida navada New Hampshire

[@auricgoldfinger8478]

Good job Hans!

[@dianethama5313]

Thank you so much. Very helpful.

[@CardinalAdvisors]

You're very welcome! Hans Text 919-714-3397 or email [e-mail]

[@bigredtlc1828]

Great video. I am 55 but starting to focus on retirement planning. Did not know that Social Security doesn't count in the income tax brackets even if it might be partially taxable. Was looking at partial 401(k) rollovers to Roth to fill in lower tax brackets. Great info!

[@CardinalAdvisors]

If you do a Roth conversion in your 50s, you need to have the income tax money on the sidelines. Thanks for watching. Hans

[@bigtoeknee11]

I'm pretty sure SS does apply to the income brackets, you just need to find out your provisional income which is half of SS + other income . There is a formula for it then that % of SS gets added to your other income, up to max 85% of SS can be taxed.

[@charlesmalone4379]

You only get partial tax relief for social security and NO ONE can not take any money from their IRA ( except 2020 for COVID). There is a required minimum distribution at 70 1/2.

[@CardinalAdvisors]

I am recommending smart planning starting in your 60s taking smaller distributions and Roth IRA conversions reducing taxable income over many years of retirement. Roth IRAs have no minimum distributions. Traditional IRAs minimum distributions now start at age 72. After 70 1/2, you can use Qualified Charitable Distributions to reduce your taxable income if you are charitably inclined. Hans

[@pattya1679]

@@bigtoeknee11 I agree. If you make $34000 or more in addition to social security, 85% of your social security is included in your MAGI and is counted toward medicare IRMAA tax. People, do your own research.

[@superatech]

My combined income from half my social security, interest and 1099R is only $13,400, so I don't have to file income tax. Do I have to file for the state tax?

[@Jnglfvr]

So I'm retired with little income this year (only). I am due for my first RMD (about 200 K along with 34 K SS) at age 72 next year. My plan was to take a modest 401 K (or IRA) withdrawal this year to keep me in the 22 to 24% tax bracket but my CPA is of the opinion that I should delay taxes as long as possible. Another consideration is the very high premiums I'm already paying for medicare (extra $400/month for part B and D on top of the standard premiums) because of high income over the last few years (IRMMA). Now with the low tax rates expiring in 2025 it seems to make more sense to make a modest withdrawal this year to pay taxes at a relatively low rate. What do you think?

[@CardinalAdvisors]

I think you should take advantage of the 22% to 24% tax brackets while they are here. Years from now you will look back on 2021 and wish you had taken advantage of the lowest marginal rates in history. If you don’t need the money from your 401k in 2021, consider rolling your 2021 distribution to an IRA and then converting it to a Roth IRA. You can’t convert RMD money later. If you are charitably inclined, consider a Qualified Charitable Distribution. You can do that with RMD money and it won’t be on your tax return. It sounds like you’ve done a great job of postponing income tax and your CPA encourages you to keep it up. It’s a great strategy until you consider the long term consequences. Who is this large balance 401k for? You in your 80s and 90s? Your spouse, your children, grandchildren? They might not be as interested as you in tax postponement and want to get at the principal creating a huge tax bill. As far as IRMAA, Medicare, if you just retired you have the possibility of an appeal. All of these IRA/401k distributions count toward the IRMAA. Thanks Hans Text to 919-714-3397 or email [e-mail]

[@Jnglfvr]

@@CardinalAdvisors Thanks for your detailed reply.

[@pattya1679]

Convert to a ROTH this year, as much as possible to lower your tax liability in the following years. You may have one more year if they change the age to 73 with the Secure Act 2.0. Read about it. It may give you another year to make a large conversion. You can't convert RMD"s you can only donate them to lower your tax liability. So once you start having to take them, they count in your MAGI.

[@bisonbro7]

Wdym low tax brackets are expiring? Tjca changed corporate taxes, not personal income tax.

[@Jnglfvr]

@@bisonbro7 It changed both. The corporate tax cuts were permanent. The personal income taxes were reduced only until 2025.

[@lauragier1500]

What if only one spouse is 65 and taking soc sec and the other is 62 and still working?

[@CardinalAdvisors]

The one spouse receiving Social Security; put that income to the side for the moment. You file a married filing jointly tax return which combines both of your income to calculate your adjusted gross income AGI for the 2 of you. To determine the tax on your Social Security, there is a formula too extensive for a comment that combines your joint AGI and 1/2 your Social Security that determines if your Social Security is taxed. Text 919-714-3397 or email [e-mail] and I can go over it with you. Thank Hans

[@RedRonFJB]

So please tell me basically how much tax will i have to pay if I receive 3600 a month from my pension as a single person? This does not include ny social security check just my pension.

[@gavega]

I understand that the Social Security income is taxable up to 85 percent. When you say a retiree shouldn’t include the SS income, it’s confusing to me. There’s a table in the IRS handbook that estimates how much could you declare as taxable income. Could you explain in more detail. Did I understand your message correctly? Thank you for putting this information available for us retiree.

[@CardinalAdvisors]

The table or formula takes half your Social Security income and adds your income from other sources to determine the percentage of your Social Security (zero to 85%).

[@gavega]

@@CardinalAdvisors Thanks.

[@JJGebora]

Do I have to pay any tax if I have only the SS income which is $1095,-/month? Thank you

[@CardinalAdvisors]

No tax!

[@beegee2718]

Good info.Thank you Sir.

[@erlpen2016]

At 1:10 you said( and I am not quoting) that a couple who are over 70 can take the standard deduction and also the itemized deductions from schedule A ….? Please correct me if I am wrong….anybody…thank you

[@omarschez4706]

Very good explanation. I am married but my wife is not a US resident, she is a foreigner. How should I file. Also have two minor kids and I am 60 yrs old. ?? Please advise. I do not collect social Security yet but live off a government retirement plan of 17500 yearly until age 62 that Social Security kicks in.

[@CardinalAdvisors]

I’ll need to learn more about you before recommending a tax filing status. If you are a US citizen or permanent resident and she has been married to you for a while, it’s possible she can qualify for Social Security as a spouse and maybe Medicare at 65? once you start social security, the minor kids qualify for extra benefit.

[@johnlamb2666]

Good morning very good video thank you. I have a quick question my wife and I are in our mid-50s she recently been laid off and with the new stimulus package the unemployment we get the right off 10,200 next year she has a traditional 401k would this be a good time to convert some over to a Roth thanks John

[@CardinalAdvisors]

You are in a lower tax bracket because of her layoff. Remember , unemployment is taxable though. If you convert traditional to Roth, you most likely will need to roll over her 401k to an IRA and then convert part of the IRA to a Roth. Also, you will need to pay the tax due on the converted Roth from money you have separately. If you withdraw it from her IRA to pay the tax, you’ll have to pay tax on that withdrawal plus the 10% penalty. I’ll be glad to speak with you on the phone. Thanks Hans Text 919-714-3397 or email [e-mail]

[@omarschez4706]

Thank you for a well explained tax deduction video. I have a question ? If you know the answer please. I receive 17500 anual income from Federal Retirement not Social Security, I am 60 yrs old but I have a wife, non US Resident and one 2 yrs old child also non US Resident. What are my options ??

[@CardinalAdvisors]

If you are entitled to Social Security? at 62, you can receive a benefit based on the young child. Same for your spouse based on your benefit. I am guessing she is younger than you and a ways away from 62?

[@faustogonzalez8397]

Hans Great Video, however I'm a little confused. You gave the example of a couple retired, income was 40K for SS and 30k for other income. You said their SS income of $40K does not count as taxable income. However on the 1040 Tax return , entry 6b for SS taxable income there will be an amount entered. In my case, for example if that SS taxable amount is $20K, then that $20k gets added to total income line 9 and therefore it increases my Ordinary income on the tax tables, and puts me in a higher Tax bracket. But you said SS income does not get added in the Total income ? I will be paying in the 85% bracket on the SS benefits and I will have other retirement income as well. Thanks.

[@CardinalAdvisors]

Fausto I was over simplifying to make the point. I apologize if I confused you. Hans

[@brucehohenstein]

Very helpful!

[@johnkennedy528]

Great video to help us in retirement understand the tax rates. My understanding of the over 65 $1,350 additional standard deduction is both of us get it. Am I correct?

[@CardinalAdvisors]

You are correct. I got it wrong in this video.

[@johnkennedy528]

@@CardinalAdvisors Thank you very much!

[@victorsoto2188]

Thank you for the important info. So if you have stocks(for instance) that is worth a million dollars from investing like in Tsla at the low price, you can take 80,800.(married/jointly) and not pay a cent of tax. That is a wonderful feeling to be in, Thanx

[@CardinalAdvisors]

It’s not quite that simple. If your ordinary income is under the $80,000+ number for a married couple, you can sell some of that stock realizing a long term capital gain, and then pay zero % federal tax on that capital gain. Thanks for watching. Hans

[@allenbournes4697]

Excellent explanation!!!

[@CardinalAdvisors]

Thanks Allen! Hans Text 919-714-3397 or email [e-mail]

[@ronrandall7118]

When selling either gold or silver bars from a self-directed IRA, are the proceeds taxed as ordinary income without any allowance for deductions for incurred fees/expenses?

[@CardinalAdvisors]

The IRS takes a very firm position on self management of IRA assets. I need to leave my answer at that.

[@SgtBooker44]

Too bad I’m in California. I love the way you explain things.

[@CardinalAdvisors]

I’m licensed in California and have several clients there. 919-535-8261 [e-mail] Thanks Hans

[@karenthompson18]

I question your comment that your Social Secutity doesn't count in your tax brackets , the most SS income to be taxed is 85% where is your tax table for SS income ?

[@factchecker9358]

Okay so you did a good job separating the tax brackets from the ss tax portion and showing the standard deduction that impacts the bracket, but where then is the side calculation of tax for the ss income piece? I see hundreds of videos and websites explaining the ss benefit portion subject to tax but not the actual calculation of the tax!!!

[@syrentertainment135]

That’s because it’s not taxed federally that’s why it’s not up on the board as he explains…its only taxed by state which it all depends on where you live at time of retirement. It’s no set percentage across the board bc some states charge state taxes at different rates and some not at all. So u would have to go by your state in which u retire to get that percentage

[@maxfastest]

Retired at 50 Pay zero taxes You just need to play their game against them.

[@BW-kv9wj]

How do you pay zero taxes?

[@faustogonzalez8397]

thanks so much !!

[@JK-es9wu]

excellent !!

[@garywolf1893]

Awesome information

[@CardinalAdvisors]

Thank you!

[@richardr1627]

I thought people over 80 do not pay income taxes

[@CardinalAdvisors]

Never heard that one before. Some people over 80 pay no income tax because all they have for income is Social Security. The rest of the 80+ pay income taxes

[@walterumberfield3653]

I have a small pension which has a lump sum payout option. If I opt for the payout would the amount be treated as ordinary income or is there a way to get it classified differently to have a lower tax rate applied. I assume the payout has to be done in one payment.

[@CardinalAdvisors]

Walter. You can roll it over to an IRA and postpone taxes until you withdraw it. You can make withdrawals in small amounts over several years and spread the taxes out. Be sure you do the rollover (custodian to custodian).not touching the money yourself. Text Hans at 919-714-3397 or email [e-mail]. I’ll be glad to help you

[@walterumberfield3653]

@@CardinalAdvisors Thanks for the quick reply. This is good news. I am currently overseas but will be back in NC in June and will contact Hans as I may want to seek additional retirement guidance.

[@CardinalAdvisors]

Hans "John" Scheil Certified Financial Planner™ 2530 Meridian Parkway, Suite 100 Durham, NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com [e-mail] America’s Medicare & Long Term Care Financing Expert

[@waynehogue2499]

What about the 85% calc on soc security income?

[@CardinalAdvisors]

85% is the maximum amount of your Social Security income that is taxed. In a different video we explain the formula to determine the percentage of your Social Security taxable. The range is zero% to 85% depending on how much taxable income you earn other than Social Security

[@robn.5932]

Are Capital Gains/Qualified Dividend Rates on the table you showed after the standard deduction? So for example if all my income was in long term capital gains would I carry the 0% tax bracket up to $105,900 if married filing jointly? ($25,100 + $80,800). So in theory I could earn up to $1055,900 tax free right?

[@CardinalAdvisors]

Hi Rob We do have clients paying 0% on long term capital gains because their ordinary income is low enough. As far as your example, I can’t validate a hypothetical. Thanks for viewing and commenting. Hans

[@gansito6154]

So I could, in retirement, withdraw from a traditional IRA lets say up to the 12% mark tax bracket and then after that withdraw from my Roth IRA? Is this a good strategy?

[@CardinalAdvisors]

Gansito Yes, you can make withdrawals out of both traditional and Roth to meet your income needs. What you mention is smart. You decide how much tax to pay each year. Hans

[@gansito6154]

Great thank you Hans... btw just found your channel and became a new subscriber

[@danieljustdaniel9550]

So if i brought my current home in 2000 for $124,000now retired and moving to Fl and sale it for $285,000 and I.m married filling jointly and make under the $80,800 I will not have to pay the capital gains taxes?

[@CardinalAdvisors]

As long as you lived in it 2 of the last 5 years, you can exclude up to $500,000 from the capital gain taxes.

[@mitchpatrick2199]

Don’t understand how you can that SS is not taxable. Doesn’t it depend on your total other income?

[@CardinalAdvisors]

What I said is that Social Security by itself is not taxable. If you have no other income or little other income, it’s not taxable. You are correct. Social Security is taxable after you cross other income thresholds.

[@richardbowers3647]

All income is taxable!!! They always say, & have for years, that you have to pay taxes on your SS!!! However, even though a retire shows it on their tax return MOST pay nothing!!! So stop letting people SCARE you!!!

[@strikerz2912]

I have to pay 85% taxes on my ssi

[@CardinalAdvisors]

No. 85% of SS is taxable. 15% is tax free

[@kimchee94112]

Government should make all SS non taxable.

[@danieljustdaniel9550]

i was rewatching this video and have a question. If i take a certain amount out of my Federal TSP they will tax me they say married with 3 dependents. So at tax time will I get a 1099 or something that shows that I have paid taxes on my TSP monthly deduction? Thanks.

[@CardinalAdvisors]

Daniel Your TSP custodian will withhold income tax, state and federal, from your TSP withdrawal. At the end of the year you will get a 1099 showing the withdrawal total for the year plus tax withholding. Thanks Hans

[@siuivy3827]

Hi Sir, I sold my rental property have a capital gain $100 thousand, I am married and jointly filing so can i enjoy the capital gain & qualify dividend tax $80,500 and deduct married jointly standard deduction ? Please help and thanks

[@CardinalAdvisors]

I need to know more about your income to help. [e-mail]

[@clarkkent9080]

In your example a couple makes 40K from SS and 30K from other sources. Take 1/2 of SS and add 30K for their combined income of 50K. Doesn't that mean the 85% of their SS is taxed? 85% of 40K = 34K of SS that is added to their 30K from other sources for a total of 64K - their std deduction of 27,800 for $36,200 that is taxed

[@CardinalAdvisors]

Their SS income is $40,000. Up to 85% of the $40,000 is SUBJECT to tax at their prevailing tax rate. The actual $$$ they pay in tax on the $40,000 will be very small because of their low tax rate. Thanks for listening and responding. Hans

[@garyfinger294]

Why all the hype on 2021 when the 2020 taxes are soon due? Where is the help for the people to do their 20 20 taxes? How do you know the taxes for 2021 won't be changed in the middle of the year? If a retired couple only makes $21500 including the stimulus and the standard deduction is $25000 do they get a return of $3500? If not do they have to file taxes since there is no money paid in?

[@CardinalAdvisors]

If the $20,000 comes from Social Security, no return needed. Thanks Hans

[@danieljustdaniel9550]

Will a VA disibility monthy check count toward that ordinary income?

[@CardinalAdvisors]

Disability benefits you receive from the Department of Veterans Affairs (VA) aren't taxable. You don't need to include them as income on your tax return. Tax-free disability benefits include: disability compensation and pension payments for disabilities paid either to veterans or their families.

[@danieljustdaniel9550]

@@CardinalAdvisors Thank you.

[@bondjames652]

Why would I pay taxes to pay for someone else's retirement when I don't have a retirement myself? Go get your own money.. I'm keeping mine... Thx.

[@ajaqua3757]

Are you sure you don’t pay taxes on SS?

[@CardinalAdvisors]

You do pay taxes on Social Security if your “income other than Social Security” is substantial. Otherwise, probably no tax.

[@shipcaptainsview]

GOOD JOB

[@CardinalAdvisors]

Thank you Richard!

[@mjktig]

Very helpful video. I am a retired pastor. In addition to my and my wife’s SS income, I received monthly annuity income (from a 403b - all of which is designated as housing allowance. Question - since none of the annuity income is taxable, do I have to itemize or can we just take the standard deduction? Thanks for the great video tutorial!

[@CardinalAdvisors]

Social Security by itself is not taxable. If you’re 403b annuity income is not taxable and that’s what you live on, you won’t owe any tax. You can use the standard deduction to offset any other taxable income you receive. You might enjoy our radio show, “Finishing Well” which airs every Saturday on Christian radio, on our website CardinalGuide.com, or any of the podcast apps. Thanks Hans 919-714-3397 . hwcdn.libsyn.com/p/f/8/4/f84a3c35a2411679/Finishing_Well__06_05_2021.mp3?c_id=104768501&forcedn=attachment&cs_id=104768501&destination_id=649642&expiration=1623110238&hwt=77ee3e43c949f1da55054d9b915eac72

[@mjktig]

@@CardinalAdvisors Thanks for you reply. In years past, I have itemized, keeping records on all house-related expenses and always had enough to justify the h.a. But if I claim the standard deduction for my 2020 return and don’t itemize, will it raise a red flag?

[@CardinalAdvisors]

@@mjktig I wouldn’t worry about red flags. The IRS has a lot of people ahead of you to check out.

[@dominikgorowski5931]

Live your life now don't listen goverment bs life is too short to thinking about retirement!!!

[@markelam2767]

At around 2:10 Hans said Social Security Income does not count in the Income Brackets. I thought if your other income was high enough part of you SS income would be taxable. Did that change?

[@CardinalAdvisors]

Mark That did not change. Some of SS comes back in based on a formula. I’m trying to simplify in these videos so people can plan their income directionally. Thanks for pointing this out. Hans

[@nickv4073]

Those people that dont withdraw anything from their IRA's in their 60's are in for a rude awakening when they turn 71 and RMD's kick in.

[@cjbecker1683]

Not really considering most are more worried about having any money at all to actually retire 🙁 Some may want to simply look after 59.5 & start Roth conversions if they don't want to pull from Traditional.

[@nickv4073]

@@cjbecker1683 Roth conversions mean taxes. No point in that at age 59. Only makes sense for younger folks.

[@cjbecker1683]

@@nickv4073 Not with the loss of the stretch IRA especially if a family has an amount they intend to leave for a child or children.....another example is a person receiving a Beneficiary IRA & having 10 years to empty that account. I've taken that money to a Roth for people.

[@nickv4073]

@@cjbecker1683 Great! Then you paid the taxes instead of them but the bottom line is the taxes got paid.

[@cjbecker1683]

@@nickv4073 Many believe, as I do, with all the stimulus taxes can only go up & are on sale right now so to speak 👍 See how 2021 goes I guess 😉

[@tomblevins5020]

Wait until you are 70 to collect your Federal welfare check. At 70 my SS benefit will only be $4,328. Who can live on that???

[@paulespinoza974]

This is 2023.

[@CardinalAdvisors]

kzbin.info/www/bejne/rZOymmSvaL-ql7c Move forward in the menu

[@meesacreef]

Thank you, kind sir, for this informative video lesson.