Retirement Planning

How Is Social Security Taxed? 🤔#shorts #retirement #financialfreedom [Video]

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How Is Social Security Taxed? 🤔#shorts #retirement #financialfreedom

How Is Social Security Taxed? 🤔#shorts #retirement #financialfreedom

How is Social Security Taxed || How Much of Your Social Security Income is Taxable

How is Social Security Taxed? What part of my social security income is taxable? These are just a few of the questions I have received lately about the taxability of social security. When you think about your social security benefit, oftentimes you don’t think, “How Much of my social security income is taxable?” No, normally you’re asking questions like, “When should I start social security” or “What is my social security benefit at 62 or 67?” Yes, those are great questions about social security, but I believe the bigger questions about social security are in the amount of taxes you will pay on your social security income.

(Please keep in mind that your social security is not TAXED at 50% or 85%, but 50-85% of your social security benefit can be used in the computation of your income tax. Please seek the guidance of your CPA, tax advisor, Financial Advisor, or myself for more detailed questions.)

How do you calculate the taxes on your social security income? Well, in 1994 Congress laid out the income thresholds for how social security would be taxed. These income levels are based on how you file your taxes every year. Also, these income levels are some of the only income thresholds in the IRS code that do not get any type of COLA or inflation bump. Below are the social security tax income thresholds:

Single File:
Under $25,000 -0% Taxed
$25,000-$34000-50% Taxed
Over $44,000-85% Taxed

Married Filing Jointly:
Under $32,000-0% Taxed
$32,000-$44,000-50% Taxed
Over $44,000-85% Taxed

I’m asked quite often, “Is Social Security taxed after age 66” or “Is Social Security taxed after age 70” and my answer is, “YES!” Social Security is always taxable, it just depends if your social security check will be taxed.

How do you calculate your social security tax? The IRS uses a formula called provisional income to calculate your social security tax. Provision income is calculated as follows:

Modified Adjusted Gross Income + 50% of your social security check + any tax free interest = Provisional Income

Depending on the formula above will determine how much of your social security is included in your taxable income. For example: If you are married and you take $30,000 out of your IRA for retirement income and your spouse and you collect $25,000 in social security benefit, that equals $55,000 in total retirement income. Your provisional income takes the $30,000 in retirement income from your IRA + $12,500 of social security benefits =$42,500 in provisional income. SO, that means this couples social security is taxed somewhere between 50%-85%.

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Retirement & Financial Planning Resources:
-Have You Ever Been Bitten by an Elephant?: The Definitive Guide for Retiring Well by David & Drew Blackston:
-Retirement Planning Guidebook by Wade Pfau:
-Common Sense Investing by Jack Bogle:
-The Intelligent Investor by Benjamin Graham:
-A Beginner’s Guide to the Stock Market: Everything You Need to Start Making Money Today by Matthew Kratter:
-The Blessed Life by Robert Morris:
-Total Money Makeover By Dave Ramsey:
-Retirement Savings Time Bomb by Ed Slott:

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Retirement Planning

Good! $1,400 4th Stimulus Check - Low Income, Social Security, SSDI, SSI, VA [Video]

Good! $1400 fourth stimulus check for low income, Social Security, SSDI, SSI benefitsIn this video, we are discussing a fourth stimulus check in the amount of $1400. This is a $1400 fourth stimulus check update, Stimulus check update today, $1400 stimulus check update, stimulus check update, stimulus check status update, Social Security stimulus check update, low income stimulus check update, SSDI stimulus check update, SSI stimulus check update. We are discussing some good news in regards to a $1400 fourth stimulus check specifically focused on low income, Social Security, SSDI, SSI and a stimulus check that is highly focused. We will continue to keep you updated on Stimulus, Stimulus Checks, Money, Benefits and so much more Fan Club - Join Here: Stocks Here: $30 with this Cashback App: Gas & Groceries here: Your Support Here: Amazon Here: make sure to subscribe to the Blind to Billionaire channel as it is our dedication to continuously do research each and every day and deliver that valuable information here in these short videos. It is our commitment to help you get as much money, benefits, checks, as well as anything else right now during this very busy time. The Blind to Billionaire community is very much committed to you and helping you out in any way we possibly can. Thank you so much for your continued support.Also, please be sure to share this video or any of those here on the channel with your friends, family, social media and go back and check out any of the other thousands of videos we have here in our video library.***Disclaimer*** All the material in this video is for entertainment purposes only and is not financial, legal, accounting, tax, investment advice, or advice in any way. This information should be used as general information for entertainment purposes, we highly advise you speak to your professional for specific information. We are not liable in any way, shape, or form as a result of any information discussed in this video. Links shown above are affiliate links which will result in the creator receiving a small commission upon the use/registration of the link provided.Blind to Billionaire is a dedicated YouTube channel to bring you daily updates and information to be The most valuable and high-quality information for this community. Blind to Billionaire is very dedicated to this community so please make sure to subscribe, share this video and check out any of the other thousands of videos here on the channel.#Stimulus #StimulusCheck #StimulusPackage #StimulusUpdate #Money #Biden #PresidentBiden #News #Headlines #Update #SocialSecurity #SSDI #SSI #LowIncome #Seniors #Elderly #Retirement #Disability #SocialSecurityDisability #SocialSecurityRetirement #BlindToBillionaire

Retirement Planning

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