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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! 🔥🔥
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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
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📜 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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