That’s disingenuous....I can’t believe they’re putting out such a statement. NO SS retirement benefits are taxable IF they are not combined with OTHER INCOME (investment etc.) meeting the IRS threshold of XXXX $$$$...
https://smartasset.com/retirement/is-social-security-income-taxable
Read your own link.
omg
According to that link, anybody smart enough to NOT depend entirely on Socialist Insecurity for retirement income is going to be paying income taxes on at least part of his Socialist Insecurity benefit.
No one can live on just SS!
It's income, like any other form of income, when you income hits a threshold. It's not disingenuous.
tHE PROBLEM WITH YOUR THERORY IS ALL INCOME IS BUNCHED TOGETHER LEARN THE TRUTH BEFORE YOU POST...
“NO SS retirement benefits are taxable IF they are not combined with OTHER INCOME”
I was wondering about that. Don’t we need to also be hearing of ways to reduce our national debt and additional borrowing?
This is true. If you are getting nothing but SS your income tax will be minimal to zero.
Some richer @#£%, like me (but not me), will benefit, and quite nicely too.
As I am a foreign resident and have switched to Spanish taxes, it won’t affect me, personally, alas. @#£% Spanish tax treaty.
More for you guys I guess.
“That’s disingenuous....I can’t believe they’re putting out such a statement. NO SS retirement benefits are taxable IF they are not combined with OTHER INCOME (investment etc.) meeting the IRS threshold of XXXX $$$$...”
The purposal is by default ALL SS is non taxable, what the other retirement plans can be if you played your 401k/Roth/cIRA/gains out the correct way.
As IRS dollars are pegged to inflation, and come in fixed amounts monthly, people do get themselves in income conditions (good thing) where their benefit is taxed. It isnt alot of money, it is good campaign promise.
No taxes on tips is recognizing how bad the server economy has gotten with all plastic transactions. Tips just are not what they use to be 20-40 years ago. Leaving the coins sent a lot of tips over 25%.
Let’s say we have a retired married couple, one gets $3500/month, the other gets $3000/month. So $6500/month income from SS, and for argument’s sake they have 0 other income.
6500 x 12 = $78,000/year. Divide by 2 = $39,000/year - which is over the $32,000 threshold for married filing jointly.
The way I’m reading it is they owe federal tax on $7000.
I’ve never come across anything that states if your only income is SS, then you don’t pay tax.
My father is retired disabled Vietnam era veteran.
He get’s a military retirement check, SS, a pension, and money from 401K investments.
He pays tax on his SS.
Why should other retirement income cause his SS to be taxed?
I’d go further.
No tax on Military Retirement pay.
No tax on any retirement income after a certain age. ~70 or so.
Same for property tax. Yes I know it’s a state tax, but the federal government could make that happen.