Hans, I like your videos, you explain things in laymen’s language, easy to understand, not too complicated, and you don’t beat around the bush, you get right into the topic. Your an excellent speaker. Thankyou.
@stanleybuck41952 жыл бұрын
Its a shame that retired people have to pay federal income tax on their social security income. Instead of 15% tax free it should be 100% tax free.
@richardargst157 Жыл бұрын
You are getting a Federal welfare check. Be grateful, not whiny.
@michael7054 Жыл бұрын
Great video!
@generatorjohn45373 жыл бұрын
Hans, Great explanation on social security taxable income. The way I see it, persons or couples on the bottom rung of the "middle class" will probably be falling into that 85% tax threshold. Where I live $44 K complete income for a couple isn't much money and I see most people in the 85% category. BTW - You have great videos.
@CardinalAdvisors3 жыл бұрын
Thank you
@donaldhays21352 жыл бұрын
I retire at 66 last year with benefits my wife just turn at 62 apply for social security drawing it from my social security @ 30% question is do I have to paid taxes she has not work anywhere she is a home maker I draw 28000 yr on my part she'll get 9000 yr
@JohnR723 жыл бұрын
Clear and concise answered my question!
@teresacesario62473 жыл бұрын
Excellent presentation Hans.
@JohnA0002 жыл бұрын
Thank you Hans. I'm from the Raleigh area and I have been trying to figure out how much I should be taking out of my IRA and how much to convert to Roth so I can keep more of my money rather that let the man have it. It is very confusing but your videos are helping a lot. I turn 72 next year so I am not taking the RMD yet.
@CardinalAdvisors2 жыл бұрын
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 Hans@CardinalGuide.com America’s Medicare & Long Term Care Financing Expert
@jeanettebonf6316 ай бұрын
Thank you
@Dumbluck143 жыл бұрын
They need to update the provisional income tables. They haven’t been updated since 1983 . So they are collecting tax off income dated 1983!!! Just pisses me off!
@mikeodum98432 жыл бұрын
Great videos!
@sweetkicker41922 жыл бұрын
And dont forget what the income can do to how one gets charged for Medicare Part B.
@JohnR723 жыл бұрын
Thank you!
@faustogonzalez83972 жыл бұрын
great video, thank you!!
@stevenburmeister14842 жыл бұрын
So if 1/2 of our S.S. and my pension plus interests and div. are less that $34000, our S.S. is not taxed?
@davenone73122 жыл бұрын
I dont understand how combined income includes "Non taxable Interest"Whats the point of being nontaxable if its added to your income?
@joycewright53862 жыл бұрын
Because the federal government screws retirees with taxes!
@jr20402 жыл бұрын
The non taxable interest is used to give a higher amount of combined income, then it is not reported on form 1040 and not directly taxed. Same thing with capital gains and qualified dividends - increases the SS combined income but CG or QD is taxed at capital gains rates later.
@tauatavae64572 жыл бұрын
I come from American Samoa, what time to pick up my social security tax pls,file on February 28
@shelleyzoe82542 жыл бұрын
OK, Form 703 from the fed , clearly says income regardless of deductions which is not my AGI so can I use my AGI or not????
@strokerace47652 жыл бұрын
I get $24,000 a year pension and $26,000 SS. My wife makes $60,000 as a teacher. Would it be smart for us to file married filling seperatly?
@davenone73122 жыл бұрын
Also we use half of our SS benefits to find out if its taxable? That makes no sense . Shouldn't SS benefits be exclusive not inclusive in determining if its taxable? Because when doing it this way it makes half of SS income to determine if you hit a threshold to put a tax on itself.
@richardargst157 Жыл бұрын
You are getting a Federal welfare check. Be grateful, not whiny.
@davenone7312 Жыл бұрын
@@richardargst157 It's not welfare! We all pay into it.
@richardargst157 Жыл бұрын
@@davenone7312 You paid SS taxes but not so you could receive a future benefit. The SS taxes you paid went to other recipients. There was never an account for you. SS is a huge Federal transfer program, young workers pay taxes to support old people like us. This is how all welfare programs work.
@vanguardvaluist26143 жыл бұрын
Do Roth assets (Roth 401k & Roth IRA) count toward combined income totals? If not, it would seem to be a great way to provide an additional income source while completely avoiding any tax consequences. Also a possible opportunity to convert pre-tax assets for an early retiree in the initial low income years prior to taking SS payments.
@CardinalAdvisors3 жыл бұрын
You are correct. Withdrawals from Roth IRAs do not count toward combined income. Roth conversions in your 60s make a lot of sense. Thx Hans
@juangarcia88282 жыл бұрын
Social Security is Federal welfare for seniors. A totally undeserved benefit.
@tomtrotto69223 жыл бұрын
Hans: a little confused about S/S that’s taxed. I get the 85% above $44K for joint returns but in your calc equation you state only half of S/S is added to your additional income is to be taxed. So isn’t that effectively 42.5% of S/S that’s actually taxed? Pls set the slow learner straight!
@CardinalAdvisors3 жыл бұрын
1/2 your SS + your other non social security taxable income is the formula to determine if any of your Social Security if taxed. If you exceed the threshold, 50% of your social security income is subject to tax at your tax rate. The more other income you have, the 50% becomes 85% of your social security is subject to tax. That means at least 15% is tax free. Many clients are in the 10% tax bracket, 12%, 22%…… Hope this helps
@factchecker93582 жыл бұрын
Wouldn't it be easier not tell us if these levels are cliffs or not?
@jr20402 жыл бұрын
Going above the $32k level - SS is taxable but at a gradual increase. It is not 50% as soon as you go over the threshold but goes 1 - 50% as your income increases to $44k. Same for going above $44k, it increases 51% to 85% as the income increases. If you do it pencil/paper, be careful as you might calculate SS taxable amount over the 85% limit..
@jeanettebonf6316 ай бұрын
Single
@cherylcampbell74952 жыл бұрын
Where does my social security go after I die with no spouse?
@CardinalAdvisors2 жыл бұрын
Social Security ends when you pass away.
@1001legoboy3 жыл бұрын
Is SS taxed at ordinary tax rates ?
@CardinalAdvisors3 жыл бұрын
Taxed at ordinary rates. 15% of it is always federal tax free
@jimmeyer90753 жыл бұрын
Do you combine both you and spouse for ss total
@CardinalAdvisors3 жыл бұрын
Yes. Combine them
@thelonesafetyguy2 жыл бұрын
What the name of the book you are holding?
@CardinalAdvisors2 жыл бұрын
“The Complete Cardinal Guide to Planning For and Living in Retirement” by Hans Scheil available on Amazon. Thanks
@CarlosRuiz-qk9hq2 жыл бұрын
SS taxes should be much higher. It is an undeserved benefit and the increased taxes could help pay down the deficit.
@richardargst1572 жыл бұрын
I'm 67 and recently immigrated to America. How can I collect a Federal welfare, SS, check like all of you are?
@joycewright53862 жыл бұрын
You pay into it like the rest of us did.
@richardargst1572 жыл бұрын
@@joycewright5386 I didn't live here, does that mean I can't have a federal welfare check like you?
@joycewright53862 жыл бұрын
@@richardargst157 Lol I don’t know. I just know that my taxes go up to pay for the people that never worked here.
@richardargst1572 жыл бұрын
@@joycewright5386 Do you mean Americans?
@truthistruth29282 жыл бұрын
I believe you are lying and just trying to make fun of those collecting SS. I worked hard all my life and paid into this sorry excuse of a retirement. I could have done better investing in a private account. Now those that are collecting SS disability and have been long before retirement age and are not really disabled in which I know quite a few and are working making money on the side cash. These people need to have to pay all of it back and the taxes. They are scum!!!