Taxes on Social Security Benefits

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Devin Carroll

Devin Carroll

4 жыл бұрын

You can only spend the dollars you keep, so you need to understand the rules about taxes on your Social Security benefits.
Social Security benefits haven’t always been taxable. From the first Social Security payment in January 1937 all the way to 1983 Social Security benefits were completely tax free. But that all changed with the passage of 1983 Amendments to the Social Security Act. Under this new rule, up to 50% of Social Security benefits became taxable for individuals with a certain level of income. 10 years later, the Deficit Reduction Act of 1993 expanded the taxation of Social Security benefits. Under this Act, an additional bracket was added where up to 85% of Social Security benefits could be taxable above certain thresholds.The combination of these two laws left us with the current tax structure on Social Security benefits where today, somewhere between 0% and 85% of your Social Security payment will be included as taxable income.
In order to determine how much of your Social Security benefits will be taxable, you first have to know how to calculate your “combined income” - a measurement of income used specifically for this purpose.
Resources
Get this FREE -- www.devincarroll.com/cheat-sheet
This is our Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page!
My article and video - Double Tax on Social Security
socialsecurityintelligence.co...
• The Double Taxation of...
SSA webpage on taxation of benefits
www.ssa.gov/planners/taxes.html
IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits
www.irs.gov/pub/irs-pdf/p915.pdf
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥
📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you. www.devincarroll.com/roadmap
🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll. www.bigpictureretirement.com/
➡️ Want to hire Devin and his team? -- www.carrolladvisory.com
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
www.devincarroll.com/SSessent...
➡️ Get a copy of my best-selling book, Social Security Basics, here -- amzn.to/2twsABZ
➡️ Social Security Questions? Join my FREE Facebook Group! / 428684237572614
📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Пікірлер: 1 300
@DevinCarroll
@DevinCarroll 4 жыл бұрын
Next...check out my video "The Double Taxation of Social Security" kzbin.info/www/bejne/bWSsl2OqrKl3iK8
@opt4living
@opt4living 4 жыл бұрын
Devin, I love your videos and how well you try to inform people on sensitive issues. Do you have a video where you explain that it takes 3 person's taxes to pay one person's benefits? People don't want their SS taxed, but they have no problem taking the equivalent of 2 people's taxes, plus what they put in themselves. Absurd!
@buckhorncortez
@buckhorncortez 4 жыл бұрын
@@opt4living I would have rather had all of my SSI money to invest myself instead of having it sit in a fund essentially making zero percent interest - but, I wasn't given the choice so frankly. I don't care how many other people have to pay for the benefits. Now - let me tell you something. Whenever I go to the local SS office, at least 70%+ of the people in the office are under 50 years of age and many are in their 20's - 30's. These people are getting social security disability - basically until they reach the age when they can collect regular SS payments. So, you have people collecting for 20, 30, 40 years. How about we get back to the original intent - you have to reach retirement age?
@enriquemartinez4790
@enriquemartinez4790 4 жыл бұрын
Devin Carroll if a person wins the lottery how does that affect your benefits ?
@timhaas8917
@timhaas8917 4 жыл бұрын
No tax
@rralphymiller3115
@rralphymiller3115 3 жыл бұрын
Taxing a benefit from a tax source sounds confusing. Seems like a way to reduce your benefits.
@dalealumbaugh9861
@dalealumbaugh9861 4 жыл бұрын
Politicians...that is the problem with this country.
@Ninurtha1
@Ninurtha1 4 жыл бұрын
Politics is the second oldest occupation to prostitution .
@Sexy40baby1
@Sexy40baby1 4 жыл бұрын
Wonder what would happen if no one went to the polls to vote.
@dalealumbaugh9861
@dalealumbaugh9861 4 жыл бұрын
@@Sexy40baby1 That would be a nice thing but some idiots would vote for a jackass if they were told to do so, aka liberal A/H's
@JL-us2dp
@JL-us2dp 4 жыл бұрын
Seniors have a hard enough time just getting by without being taxed for social security
@ritalebron1192
@ritalebron1192 4 жыл бұрын
We're being taxed on our hard earned money that we pAid into social security when working, even than we were taxed for money earned on our weekly payroll check. This idea I believed was founded by extreme wealthy Rockefeller, also Federal tax was his brain child, included Rockwell. Our money is their wealth
@nealecracknell4745
@nealecracknell4745 4 жыл бұрын
You have got to be kidding, I worked all my life and paid taxes, enough already
@48tama
@48tama 4 жыл бұрын
All social security income should NOT be taxed!
@roelrequenez5970
@roelrequenez5970 4 жыл бұрын
No social security shouldn't be taxed besides they already get a huge amount from it for hospital care, dental, vision etc. I guess they want you to get by on only pennies a month.
@robertmartinez8576
@robertmartinez8576 3 жыл бұрын
You don't pay taxes on social security at all. I have not paid any taxes on my social security at all and social security is not taxable
@SuperBman1221
@SuperBman1221 4 жыл бұрын
I paid ss to the maximum for the last 25 years of my employment. So taxing already money that I paid is ridiculous
@markrebholz7386
@markrebholz7386 4 жыл бұрын
No. You’re being taxed on monies that you have already been taxed on initially.
@randybayliss184
@randybayliss184 4 жыл бұрын
No, we pay or paid enough into the system. The government should stop taking taxes out when you retire.
@alixandrinafortis5044
@alixandrinafortis5044 3 жыл бұрын
NO! Benefits should not be taxable. Period.
@ritalebron1192
@ritalebron1192 4 жыл бұрын
Social security should not be taxable. Retirees struggles financially, cost of living continues to increase.
@venitamosley8504
@venitamosley8504 3 жыл бұрын
Their so called cola,sucks. Stores only increase their prices everytime we get any kind of raise,even on food stamps
@leongotto3515
@leongotto3515 3 жыл бұрын
Land of the free????
@BettyHurley
@BettyHurley 3 жыл бұрын
hell we already paid taxes on it,now u want to double dipping !BULL SHIT !!!!!!!
@Janetdavenporttdk10
@Janetdavenporttdk10 4 жыл бұрын
It's double-taxation, because that money was already taxed when it was earned.
@SandfordSmythe
@SandfordSmythe 3 жыл бұрын
Employer's contribution
@tbluemel
@tbluemel 4 жыл бұрын
As always, thanks for another great video, Devon. I do NOT think it is right to tax social security for these reasons: 1. We already paid taxes for many years to get our benefits based on a predetermined plan from our government. Now, they want to keep changing the rules. 2. The taxes they charge on benefits outpace inflation, hence dictating the need for additional income... and, therefore a higher tax RATE. To be fair, the tax rate should not gobble up cost of living increases. 3. The tax code is far too complicated and progressive. It actually mistreats the elders more than it benefits them. Thanks again for all your wisdom!
@davidmorgan2980
@davidmorgan2980 4 жыл бұрын
I don’t think benefits should be taxed.
@tpowell3776
@tpowell3776 4 жыл бұрын
David Morgan ...You are correct...Horrible thing to do..
@daisyduke7473
@daisyduke7473 3 жыл бұрын
Sounds like the tea might end up going back into the harbor!
@bobbypotter4269
@bobbypotter4269 3 жыл бұрын
I don't think so either, we have paid our taxes wail we were able to work , people is getting a check once a month , is harder to live of their small income they are getting , we need our income , what we r getting
@strokerace4765
@strokerace4765 2 жыл бұрын
Thank you Ronald Reagan for taxing Social Security 1983
@SandfordSmythe
@SandfordSmythe 2 жыл бұрын
@@strokerace4765 It was a bi-partisan committee that was established to deal with the upcoming depletion of the SS Funds. It worked in backrooms. to avoid destructive politics [you] that interfered with solving anything.
@meanboycoins6250
@meanboycoins6250 4 жыл бұрын
Taxing social security is a crime.
@charlesbarwick2629
@charlesbarwick2629 4 жыл бұрын
Tarry Smith Sr. Thank a Democrat
@eyekissass
@eyekissass 4 жыл бұрын
@@charlesbarwick2629 Right. Ronald Reagan.
@charlesbarwick2629
@charlesbarwick2629 4 жыл бұрын
Tip O'Neill. Reagan wanted cuts O'Neill wanted taxes
@ScooterFXRS
@ScooterFXRS 4 жыл бұрын
They been screwing over lower income seniors since 1968. These numbers on what they tax on is now the gutting of the middle class. Don't give me the blue, red, left, right, democrat, or republican spiel. They are all blood sucking vampires. If they really gave a shit about American Tax Payers they would be working for them and not spewing lip service and serving the lobbyists. The EPA could declare all our backsides super fund sites on the amount of smoke residue and char they have left.
@flippingforreal109
@flippingforreal109 4 жыл бұрын
It isn't a crime but it should be a crime, like the government need money from the disabled and elderly wow what a government we have today.... THEY SUCK
@chrisl3211
@chrisl3211 4 жыл бұрын
Social Security benefits should not be taxed by the Feds.
@collaborativelearning1
@collaborativelearning1 Жыл бұрын
agreed.
@tommyammo6135
@tommyammo6135 4 жыл бұрын
Social Security benefits should not be taxable.
@roberthuggins930
@roberthuggins930 4 жыл бұрын
No! We have already paid the government enough taxes all our working lives.
@petemorton8403
@petemorton8403 3 жыл бұрын
Give imigrants the farm. Then the farm next over. Then tax us for them.
@charliegirl42ify
@charliegirl42ify 4 жыл бұрын
SOC Security money is money that's ALREADY been taxed. No. Double dipping should not be done. Especially by the govt.
@johnnyholland2775
@johnnyholland2775 4 жыл бұрын
No, we are taxed when we originally made the money then they used our money for 30 or 40 years and they retax the money when issued to us. Seams like a bad deal for the taxpayers.
@billyjoejimbob56
@billyjoejimbob56 3 жыл бұрын
They did not use your money for 30 or 40 years. They used it the year they collected it from you to support people already retired and collecting.
@mariamontolla5978
@mariamontolla5978 4 жыл бұрын
Double Taxation for the elderly? That sounds like DISCRIMINATION!!!
@truthmatters9594
@truthmatters9594 4 жыл бұрын
Benefits should Not be taxable.
@zuloonyennyoc8914
@zuloonyennyoc8914 4 жыл бұрын
The government should get their hands out of all the retirements and social security incomes. Period.
@RonMac08
@RonMac08 4 жыл бұрын
Thank Regan for that.
@wendijackson8844
@wendijackson8844 4 жыл бұрын
@@RonMac08 , yup. Then Clinton made it worse. No wonder the Founding Fathers warned against the 2 party system. They knew it would divide and tear the country apart.
@billburken8981
@billburken8981 4 жыл бұрын
@@RonMac08And Bill Clinton who raised it to 85%
@donk2731
@donk2731 3 жыл бұрын
@@RonMac08 In 1983 the democrats voted to tax SS at 50% of your income ,In 1993 the democrats (congress) voted to tax 85% of your income! LOOK IT UP!
@pjbikerful
@pjbikerful 4 жыл бұрын
I think anyone who makes less than 50k a year gross income shouldn't pay any income tax.
@ladypilliwick8179
@ladypilliwick8179 4 жыл бұрын
pjbikerful You just pulled that statement out of Karl Marx communist Manifesto. You obviously have been to university....
@donchristie420
@donchristie420 4 жыл бұрын
Scott Bromberg look up the meaning of immigrant and refugee, then get back to me - dumbass
@monabiehl6213
@monabiehl6213 4 жыл бұрын
Ha! They should tax us all 25% of all income with no deductions. At least that's what the wealthy say.
@venitamosley8504
@venitamosley8504 3 жыл бұрын
If they are working,I think it only fair,but you only draw a portion of what you paid in.
@roelrequenez2280
@roelrequenez2280 3 жыл бұрын
The tax system was meant for the wealthy and it’s full of loopholes for the upper class. If you work for someone besides yourself you are ???!???.
@kirkbobo1363
@kirkbobo1363 4 жыл бұрын
Social Security income should be tax free, as you already paid the SS tax into your account
@dougturner1594
@dougturner1594 4 жыл бұрын
How is this correct when I already only get 40% of my social security due to a government pension? So now their going to tax the tiny little bit that I get. So wrong!
@BC19572
@BC19572 4 жыл бұрын
No, we were already taxed once and that's enough.
@pamelagay6410
@pamelagay6410 3 жыл бұрын
Double taxing... Is not fair. We have saved for retirement to only pay more taxes.....
@marilynclawson
@marilynclawson 4 жыл бұрын
No, I really think it is double taxing.
@954brent954
@954brent954 4 жыл бұрын
It is double taxing, you paid the tax already when you was working all those decades!
@martimatheson6438
@martimatheson6438 4 жыл бұрын
Of course it's double taxing!!!!
@uncareid5557
@uncareid5557 3 жыл бұрын
Wrong. Your SS benefit is welfare after 33 months. If you are paying tax you have plenty of money. Us poor stupid folk who did not build a million dollar 401K don't pay tax, or pay very little.
@margaretdedrick7822
@margaretdedrick7822 3 жыл бұрын
Absolutely.w r taxed by S.S. to 0 When we retire.Now that want to slap a tax on a tax, which is really disgusting.
@maryannbray3305
@maryannbray3305 3 жыл бұрын
The government used are no so for without our permission. They need to pay back what they used ! We would have more each month if they did dippy in to our savings in our old age . We paid taxes. Bat when we was building it up. Why do we pay more taxes now? We have been cheated by our own government! 😢
@edsiler3260
@edsiler3260 2 жыл бұрын
I can live with a portion of SS being taxable due to other income, but that should NOT include distributions from tax deferred accounts like IRA's, annuities, 401K's. Those were established to encourage people to save, but as it stands, every $1 from those sources causes $1.85 to become taxable income. This kills the whole point to having set up such accounts!
@SweetCocolocks
@SweetCocolocks 4 жыл бұрын
This sounds like Double Dipping to me! Tax seems like my middle name because it’s been on my heels my whole life! At this rate, I really will die from old age or taxes, and just when I’m about to retire soon too! 🥺
@MrNightraider
@MrNightraider 4 жыл бұрын
Hell no we shouldn’t be double taxed!!💪🏼
@bbfreetube
@bbfreetube 4 жыл бұрын
NO...tell the government to pay back what they have taken from the system
@maryrussell875
@maryrussell875 4 жыл бұрын
Lord have mercy!!!!!! Paying taxes on Social Security.We Seniors some of us have work and paid Fedeal and Fica taxes for 30years or more. Now we can not get our money unless we give the Rich Politicians a percentage of it. Shame on the UNITED STATEl!!! Go to Church. The Love Of MONEY Is The Root of all This EVIL in this WORLD. THOSE ARE GOD WORDS
@SandfordSmythe
@SandfordSmythe 2 жыл бұрын
You need to research this. The money is collecting interest and is being paid back as needed.
@pldonaldson5877
@pldonaldson5877 3 жыл бұрын
Double Taxation is EXACTLY what it is! Cannot wait to see your video on it. I have figured out that it does not pay me to work so I quit March 10 - working just for the Feds just does not go down well :(
@carlapawlaczyk6582
@carlapawlaczyk6582 4 жыл бұрын
No we paid taxes already.Thankyou for all your help your amazing.
@lauramidgett177
@lauramidgett177 4 жыл бұрын
I do not think SS should be taxable.
@dianajs7772
@dianajs7772 4 жыл бұрын
EXCEPT FOR ILLEGALS WHO COME HERE AND GET ON SS OR SSI WITHOUT PAYING INTO IT!!! THAT IS WHY WE HAVE A SHORTFALL NOW!!
@donaldzickau5362
@donaldzickau5362 4 жыл бұрын
Diana Js agreed
@eyekissass
@eyekissass 4 жыл бұрын
@@dianajs7772 fucking idiot. "Illegals" cannot get Social Security.
@karenmckinzie7822
@karenmckinzie7822 4 жыл бұрын
How many times do we have to pay taxes on the same thing!!!!? We already paid taxes...and paid...and paid...and paid..... I'm so sick of this evil, crooked world!!!!!!! All we do is pay, pay, pay!!!! We work for it!! Why do we have to pay anything!!!!! It does nothing to help us so why pay. They just steal it!!!!!!!
@zuloonyennyoc8914
@zuloonyennyoc8914 4 жыл бұрын
@@karenmckinzie7822 Vote all the politicians out and let the people run the country and change all these shits.
@Nitronerd
@Nitronerd 4 жыл бұрын
Of course SS should NOT be taxable under any circumstances, even if the recipient is multibillionaire.
@monabiehl6213
@monabiehl6213 4 жыл бұрын
Not even to the recipients state? The state of Utah is robbing us!
@Sexy40baby1
@Sexy40baby1 4 жыл бұрын
Some states don't tax social security benefits
@roelrequenez2280
@roelrequenez2280 3 жыл бұрын
@@Sexy40baby1 Thise assholes in Kansas tax it.
@scotcharron1679
@scotcharron1679 2 жыл бұрын
A multi billionaire I wouldnt be near a ssi building
@scotcharron1679
@scotcharron1679 2 жыл бұрын
@@monabiehl6213 Mitt Romney a snake...lol
@TheRainPebble
@TheRainPebble 4 жыл бұрын
Not just NO, but HELL NO! I struggled having to pay taxes on that income all my working life, and here comes the IRS dipping into my pocket again. It's just not fair to seniors!
@marthamartin7279
@marthamartin7279 3 жыл бұрын
No I think we as seniors should have a day to enjoy before passing away, I don’t get enough to enjoy I feel like I am just getting by
@ralphbrown9519
@ralphbrown9519 4 жыл бұрын
No, soc benefits should not be taxed.
@carl-cx9uh
@carl-cx9uh 4 жыл бұрын
I say no tax as tax already paid while working.
@flyfishing4me
@flyfishing4me 4 жыл бұрын
I worked a lot of years and the government doesn’t deserve any of it
@robertnicosia5736
@robertnicosia5736 4 жыл бұрын
Boy, they don't waste no time, getting back into your pocket. The moment you start getting something, they start working on you.
@happyface2373
@happyface2373 4 жыл бұрын
We should not have to pay taxes on Social Security our government is wasting tax dollars why reward politicians again
@susangaffney7957
@susangaffney7957 4 жыл бұрын
No. Seniors have a hard enough time with the cost of living , housing , medications , medical cost raising is enough with out being doubled taxed for those unable to work , however for those seniors who are still decide /want to or able to continue working with pay involved a 1-2 % tax across on social security benefits may seem to be a fair exchange , while taxes on working class younger people/ population a tax of only 5-10% depending on net "Not " gross income across the board also seems to be a fair amount . That should be for all Americans and others legal or not who work and are paid for their/ that work . Something to that effect Federal and State taxes , also either no tax on food or 1 % tax across the board the board on food .# no tax or 1 % of total cost on real food only . I not by any means a " college educated " just High School educated with a diploma who is now amount the ranks of growing senior citizens whom is now full time care giver to a senior husband of 30plus years . Thanks for sharing and listening . From a : wife, mother, grandmother in South Carolina USA
@kwaichangcaine8234
@kwaichangcaine8234 4 жыл бұрын
I'm going to be 60 this year and I'm not very well funded for retirement so i will need all of my social security benefits so i don't think i should be taxed
@madhatter909
@madhatter909 4 жыл бұрын
Mgtow Jones think what you like but it's taxable income and they'll stop your check to pay the tax I was just there today
@Dominolittle
@Dominolittle 3 жыл бұрын
Know the rules Kwai , play the game , never show your hand . Positive vibes sent.
@katmd405
@katmd405 4 жыл бұрын
No they should not be taxed. We have already paid tax on it.
@BettyHurley
@BettyHurley 3 жыл бұрын
This is what i call double deeping SLIME BALL......
@lindaogrady9751
@lindaogrady9751 4 жыл бұрын
No Seniors are on a fixed income and have worked many years to get there!
@marxnutz
@marxnutz 4 жыл бұрын
Considering that the Government has had your money for your entire working life, and that this money could have been invested in something, anything, that could have earned more interest, to tax this money when you as a retiree claim it back is not only unfair, but it also counterproductive to their revenue stream.
@Radnally
@Radnally 4 жыл бұрын
I remember telling a friend back in 1980 that the amount if money in all the various retirement plans was going to be too big a temptation for politicians. ..
@sazodada6549
@sazodada6549 Жыл бұрын
Best explanation I've seen so far on KZbin. Thank you sir.
@arthurildefonso4010
@arthurildefonso4010 4 жыл бұрын
WHAT ABOUT SOCIAL SECURITY RETIREMENT PAYMENTS. I DONT THINK SS SHOULD BE TAXED.
@AnhNgo-ib1xy
@AnhNgo-ib1xy 4 жыл бұрын
I think new benefits
@juanitabeaver231
@juanitabeaver231 2 жыл бұрын
If you make over so much it can be taxed on 85% of your social security.
@billharden7127
@billharden7127 4 жыл бұрын
No SS should not be taxed.
@patmurphy389
@patmurphy389 4 жыл бұрын
Devin, if you go back & look in history, we didn't used to have any taxes at all in the united states. Just personally, my thoughts are this; we already paid income tax on what we earned, plus we also have to pay house taxes & taxes on grocery items as well. Our money has already been taxed, so, no, I don't think we should have to pay taxes on social security because it has already been taxed, but I know they aren't going to change anything as far as I can see because it brings in too much revenue for the government. Thank you for the video, it was helpful.
@user-ue2rg9sn8c
@user-ue2rg9sn8c 4 жыл бұрын
Taxing SSI makes it harder to survive. It's hard enough just dealing with the aches and pains that latch on to the older body. But it is a corrupt and greedy system so what else could we expect?
@stevedavis7137
@stevedavis7137 4 жыл бұрын
No! That is double taxation!
@betsyscales1066
@betsyscales1066 4 жыл бұрын
Tax social security benefits? ABSOLUTELY NOT! 🤨
@timothygeary8291
@timothygeary8291 2 жыл бұрын
Great video. You explained that only a portion of my total combined income will be taxed at 85% and the first 25,000 won't be taxed.
@MARSHAO1946
@MARSHAO1946 4 жыл бұрын
It was taxed the first time! How can it legally be double taxed. Double taxation is illegal.
@donnaleveron5711
@donnaleveron5711 4 жыл бұрын
When you get the 1040 directions, turn to the SS page and read the directions.
@bamahama707
@bamahama707 4 жыл бұрын
BOHICA
@aeon136
@aeon136 4 жыл бұрын
THAT'S ABSURD! THAT IS 'Double-Taxing'!👿They were taxed for a combined income of $62,000 -& had to pay $21,000 in taxes?!👿
@imxploring
@imxploring 4 жыл бұрын
The $21,000 is the income subject to tax.... not your tax! So if the tax rate on that $21k is 10% the tax would be $2,100..... NOT $21k.
@brendajoyce1ify
@brendajoyce1ify 4 жыл бұрын
The government should be ashamed of themselves.. seniors have worked hard to finally get the money owed them.
@Mr51Caveman
@Mr51Caveman 4 жыл бұрын
No! Absolutely NOT! We already PAID TAXES so why should we have to pay a TAX on what we were TAXED on Before?
@bonnerdianneo.9796
@bonnerdianneo.9796 4 жыл бұрын
No I don’t
@cookiefavors
@cookiefavors 3 жыл бұрын
Thank you for the info! It's an eye-opener! I almost filed for early retirement today, glad I didn't... I didn't know two things: taxable amount of benefits and how badly anything that you earn over your allowed income of $18K is slammed into half! It's a shame that benefits are taxed!
@walterbass290
@walterbass290 4 жыл бұрын
congress pay back the money u stole from SSA!
@robertmartinez8576
@robertmartinez8576 3 жыл бұрын
That is right the senetors and congress has borrow out social security for decades and never paid it back and they are the reason social security went broke three times. So now they want to tax our social security again. We already paid taxes on the social security when we were working and a weekly paychecks and before social security was taken out of our checks we paid the taxes on our earnings and to including the taxes on social security and than they would take the social security. It is against the law to taxed taxes it has been for 100 yrs.
@SandfordSmythe
@SandfordSmythe 2 жыл бұрын
@@robertmartinez8576 SS is going broke because all the borrowed money is being paid back to the beneficiaries, and this reserve runs out in 2032. SS is going "broke" because there are more "takers" than "givers" now.
@CaptainChris69
@CaptainChris69 4 жыл бұрын
Definitely not. I'm 67, still working full time, my earnings are just above 100k, and my wife started drawing at 65. I owe my soul to the IRS this year.
@sandramiller8701
@sandramiller8701 3 жыл бұрын
I don't believe social security should be taxed they have enough hard time paying their bills a living a paying their medicine
@roelrequenez2280
@roelrequenez2280 3 жыл бұрын
They tax you up to 85% of you income plus you still need to pay Medicare part B plus their other crab. So what is left for you to get by-hardly nothing!!
@mrmomb
@mrmomb 3 жыл бұрын
Thank you for your excellent breakdown.
@lorettaperry5146
@lorettaperry5146 3 жыл бұрын
Thanks for sharing your knowledge with us! I really appreciate what you do for us!
@collaborativelearning1
@collaborativelearning1 Жыл бұрын
agreed, thanks!
@pakaza
@pakaza 4 жыл бұрын
Thanks for this Vid. Very useful info for those of us using our benefits.🙂
@rickmorales2113
@rickmorales2113 4 жыл бұрын
SS should not be taxed, it would be double taxation.
@ralphparker
@ralphparker 4 жыл бұрын
I am working on a plan to minimize future taxes by converting IRA to a Roth IRA. I found a catch. This year I sold a large chunk of investments for long term capital gains. Which would taxed at 0% because of the tax bracket I'm in. But if I converted the amount of IRA I was considering, it would of forced a large part of the Capital Gains into the 15% bracket. Now when you use a tax program and keep increasing the IRA conversion amount in a mock tax return, at some point it looks like your in a 25+% bracket because of this effect. I ended up only converting about 1/3rd of the amount I should be able to do this year because I won't need to re-allocated to different buckets this year. I hope I can deplete the IRA prior to year 70 using this technique. Either way, if we don't make too much growth in the markets, I'll be able to at least keep the taxes in the lower brackets. (or is a lot of growth and higher brackets a good thing?).
@dmoon9037
@dmoon9037 4 жыл бұрын
Good play. I have about 22 years (ages 50-72) to effect something very similar, gradually draw down and Roth convert $133k Traditional IRA to close to $0k. Control your taxation destiny.
@HWW2023
@HWW2023 3 жыл бұрын
Very good presentation! Thank you!
@debradeavers6344
@debradeavers6344 4 жыл бұрын
Thanks for the information! No. I don't think ss should be taxable.
@PracticingLiberty
@PracticingLiberty 4 жыл бұрын
HELL NO!!!!!! So they put it back into their system. So basically they effectively short everyone.
@davidpetersen6694
@davidpetersen6694 2 жыл бұрын
This was such an easy and clear explanation. We have a similar situation like Phil and Donna, so that chart was absolutely superb! I guess the only consolation is that this tax on retirement income goes back into the government social security retirement system.
@mariettachatman8893
@mariettachatman8893 2 жыл бұрын
What about the standard deduction for married joint filers 25,000.+
@unclelarry623
@unclelarry623 Жыл бұрын
Nice video. Thanks for posting. I am retiring soon and I have been trying to educate myself on what to expect in retirement. I was pleasantly surprised to learn that once FICA, and Medicare taxes are removed from the equation, my tax liability will drastically be lowered. Of course Medicare premiums and associated Supplemental Medicare cost will offset some of the tax savings, but as most employees, I've been contributing to my health insurance premiums for many years now. As far as taxation of SS Benefits, as I understand it, FICA is paid with after tax earnings, so yes, it's double taxation!
@wendijackson8844
@wendijackson8844 4 жыл бұрын
I'm just gonna say this, since no one else has.. TAXATION IS THEFT
@toddburgess6792
@toddburgess6792 4 жыл бұрын
READ MY LIPS: NO MORE TAXES!! That means we are gonna pay even more. Taxes NEVER go down or away, they just grow and spawn.
@stevengoodwin4237
@stevengoodwin4237 3 жыл бұрын
Devin, I don’t agree with taxes on SS benefits simply because a person like myself that has worked hard all their life, paid in what was required at the time and now worn out, have some kind of reward to go with retirement and finishing out ones life without the crap you’ve been through your working life ! Thanks for all the videos and information. I watch them a lot.
@JuanMartinez-kn2qs
@JuanMartinez-kn2qs 2 жыл бұрын
Thank you great information. Did not know and well explained
@timsul3092
@timsul3092 4 жыл бұрын
Hi Devin, Enjoy your informative videos. No, I don't think SS benefits should be taxed, or at least the income threshold before taxation should be raised to reflect a more realistic number than what was derived in the eighty's and ninety's.
@linwoodv8638
@linwoodv8638 4 жыл бұрын
No I di not think my benefits should be taxable.
@kimchappell9559
@kimchappell9559 4 жыл бұрын
I’m 63 going to turn 64 in March. I’m on total disability and I get $24,000 dollars a year or something around that amount. I have been told by the tax place that would due my taxes and they keep telling me every year that I don’t owe any money for taxes and I have been disabled since 2003 and have never filed a tax return because they all tell me that I don’t owe any money so I don’t need to do a tax return because I don’t make enough money to pay taxes and I am single and I really like your videos. Thanks for all your help and work. No I don’t think they should be taxable as you ask in your video.
@decoy2636
@decoy2636 4 жыл бұрын
I too am disabled. They bring smoke on my ass for my pension benefits. Supposedly Social Security isn't taxable. The MoFos add both together to gauge just how deep to insert the instrument of the rape. I do live in a State that does not tax SS benefits or Pension benefits. Federal wears my ass out.
@mellissadalby1402
@mellissadalby1402 3 жыл бұрын
Hi Devin, Thanks for posting this illuminating tutorial. I had no idea about this at all. I wish Social Security benefits were not taxable, but then if wishes were horses then beggars would ride.
@genelee7074
@genelee7074 4 жыл бұрын
I don’t think so
@happyface2373
@happyface2373 4 жыл бұрын
Also say that when it is your last days on this Earth Social Security should give the family $1,000 for cremation that person won't be receiving anything ever again so what's the big hurt...
@martinfromseacity2010
@martinfromseacity2010 3 жыл бұрын
Thanks for the timely reminder
@maxfastest
@maxfastest 4 жыл бұрын
I've been collecting for ten years now I have not paid even a single Dollar of tax. Granted I'm not receiving any huge payout but it's way more than i ever expected. And only $122 a month less than i got while working. That's a win in my book and i was able to flourish with ease all these years !
@SandfordSmythe
@SandfordSmythe 2 жыл бұрын
Collecting what and under what eligibility status?
@barbusie5217
@barbusie5217 4 жыл бұрын
Didn't we already pay taxes on that money When THEY took it ? ? ? ?
@SandfordSmythe
@SandfordSmythe 3 жыл бұрын
Only on what you contributed.
@davids219
@davids219 4 жыл бұрын
Devan I had a question a friend I know has retired he recently got a notice saying that he was automatically being enrolled in Medicare and a large portion of his ss benefit was being withheld to cover the cost. He is an American vet and has converse via the va how don’t they don’t know he is covered via the va and how are they enrollining him with out any consent
@maxfastest
@maxfastest 4 жыл бұрын
I am not enrolled in medicare. It was optional and i don't need it. I already have pribate insurance that actually works !! Medicare is the most useless pile of crap we ever paid for !!
@SandfordSmythe
@SandfordSmythe 2 жыл бұрын
It is the null response because too many American would be negligent in this area. He can cancel his Medicare B . Medicare A was already paid for. He also needs to see how much services the VA will cover.
@michaelshawnfenley6403
@michaelshawnfenley6403 3 жыл бұрын
I am a 12 year veteran of the united states Army. After the army I was hired As A Law Enforcement officer by the State of Colorado. I worked in that capacity for 5 years and one month when I fell subject to a stroke and was fired. Over the course of 5 years I was promised a lot of benefits by the state of Colorado that never came to pass; such as uniforms supply and re supply; vacation time; compensation for worked over time. I had to use time to go to the funeral of my son when he was killed and had to re pay that time to the state of Colorado. I missed the death and funeral of both my parents because I was refused the time by the state of Colorado. I went to the Denver VA Hospital to recover from the stroke. Now I am unemployed, homeless, with out any income at all and very near blinded by the efforts of my previous law enforcement associates. they decided that I needed to spend the rest of my life blind. I used to make my living as a professional driver with a class "A" CDL. Now I can not drive anything by the order of the VA. I have applied for SSI but been denied. Having worked for the State of Colorado I was required to pay PERA other than Social Security Insurance. So SSI has repeatedly denied my claim. PERA says I am to young yet to be retired So PERA denies my claim. The VA says I can not see so I can not drive any thing any more. I can not drive to work. I can not drive home after work. And I can not drive for work. And I have no income so I can not take a Taxie Cab or buss which requires some form of payment. I contacted a local business to inquire about retraining. But I can not drive or pay for a buss or Taxie Cab or otherwise get to the retraining classes so I have been denied that option as well. Michael Shawn Fenley military service number 460197470 State of Colorado Employee / Badge No. 5443. I need help! Advice? Direction? Suggestion? Assistance? What ever, I need help?
@gma729
@gma729 4 жыл бұрын
THANK YOU !! VERY INFORMATIVE !! 🙂🙂👍👍
@MrPkaminski
@MrPkaminski 4 жыл бұрын
We should not be taxed as we have already have paid
@revbikerbigd8664
@revbikerbigd8664 4 жыл бұрын
Only tax any income that was never taxed! Remember they said when your taxes maybe LOWER???
@tamiweber9409
@tamiweber9409 3 жыл бұрын
We were the backbone of this country working, working and working not getting help from the state or county. To me when Taxing your social is a Slap in the face.
@katherinethacker4263
@katherinethacker4263 4 жыл бұрын
Wait a minute! GOVERNMENT GET YOUR HAND OUT OF MY POCKET!
@marvhurley8845
@marvhurley8845 4 жыл бұрын
NO!! That money was taxed when I earned it.
@madhatter909
@madhatter909 4 жыл бұрын
Marv Hurley exactly what I said when I was there today. It's still taxable income
@SandfordSmythe
@SandfordSmythe 3 жыл бұрын
You being taxed on the employer's contribution.
@gilbertquick2412
@gilbertquick2412 4 жыл бұрын
No tax it was paid when u earned it the first time
@katrinalynch13
@katrinalynch13 3 жыл бұрын
Yes Our Benefits should be Taxable thanks for sharing
@DHS956
@DHS956 3 жыл бұрын
Seniors have a hard time getting buy never mind being taxed .
@renettagilpin7709
@renettagilpin7709 4 жыл бұрын
No I thought we were already taxed on it when working
@joemancini2988
@joemancini2988 4 жыл бұрын
Reagan and his drinking buddy Tip made it this way. That way you can blame both parties.
@sgt.colincrandall246
@sgt.colincrandall246 3 жыл бұрын
I absolutely think this it’s so absurd that we are or being taxed on SSI benefits! This is a hard NO to double taxation!
@tauatavae6457
@tauatavae6457 2 жыл бұрын
Hi
@willieblackwell7473
@willieblackwell7473 2 жыл бұрын
Great Gob.
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