Here’s Exactly How Social Security Gets Taxed
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Social Security is an important
Social Security is an important income source for retirees, but understanding how it is taxed can be confusing.
Key Takeaways:
➡️ Social security is subject to the same federal taxes as other sources of income, but only a portion of it is included in your taxable income based on your provisional income.
➡️ If Social Security is your primary or sole source of income, you may be in a lower tax bracket, resulting in a smaller percentage of your benefit being taxable.
➡️ Provisional income thresholds are not adjusted for inflation, meaning that over time, more people will have a larger portion of their Social Security benefit subject to taxation.
➡️ While federal taxation rules apply nationwide, not all states tax Social Security benefits.
By considering factors such as your provisional income, other sources of income, and state-specific tax laws, you can make informed decisions to optimize your financial situation.
Learn the tips & strategies to get the most out of life with your money.
Get started today → https://www.rootfinancialpartners.com/
Subscribe to be notified for future videos: @rootfp
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For more resources and content, check us out below!
🔔Subscribe to our channel to learn more about all things portfolio management @rootfp
🎧 Listen to our podcast https://readyforretirement.buzzsprout...
🧑💻 Visit our website https://www.rootfinancialpartners.com to learn more about us
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⏱ Timestamps ⏱
0:00 Intro
1:35 Provisional income
3:18 Example
5:18 Key takeaways
7:21 Example
9:50 Varies by state
11:12 Outro
Other videos we think you'll like:
About Root: Financial advisors with heart.
Worried about retirement? Start here: Worried About Retirement..Start With ...
Key Takeaways:
➡️ Social security is subject to the same federal taxes as other sources of income, but only a portion of it is included in your taxable income based on your provisional income.
➡️ If Social Security is your primary or sole source of income, you may be in a lower tax bracket, resulting in a smaller percentage of your benefit being taxable.
➡️ Provisional income thresholds are not adjusted for inflation, meaning that over time, more people will have a larger portion of their Social Security benefit subject to taxation.
➡️ While federal taxation rules apply nationwide, not all states tax Social Security benefits.
By considering factors such as your provisional income, other sources of income, and state-specific tax laws, you can make informed decisions to optimize your financial situation.
Learn the tips & strategies to get the most out of life with your money.
Get started today → https://www.rootfinancialpartners.com/
Subscribe to be notified for future videos: @rootfp
_ _
For more resources and content, check us out below!
🔔Subscribe to our channel to learn more about all things portfolio management @rootfp
🎧 Listen to our podcast https://readyforretirement.buzzsprout...
🧑💻 Visit our website https://www.rootfinancialpartners.com to learn more about us
👥 Connect with us on Facebook Facebook: rootfinancialpartners
📷 Connect with us on Instagram Instagram: rootfinancialpartners
🔗 Follow us on LinkedIn LinkedIn: 18347030
_ _
⏱ Timestamps ⏱
0:00 Intro
1:35 Provisional income
3:18 Example
5:18 Key takeaways
7:21 Example
9:50 Varies by state
11:12 Outro
Other videos we think you'll like:
About Root: Financial advisors with heart.
Worried about retirement? Start here: Worried About Retirement..Start With ...
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در تاریخ 1402/03/27 منتشر شده
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