Here's How Much Will Your Social Security Be Taxed... Again...
A lot of rumors swirling around Social Security. More specifically, how Social Security is taxed. You were already taxed with FICA taxes to earn Social Security, and now it can be taxed... again?!
The answer is yes, up to 85% of your Social Security income may be taxable. We'll walk you through how it all works.
How much of your Social Security that will be taxable depends on how much other income you make. This video will show you how to determine how much of your Social Security income will be taxable, and exactly what that means.
You can download the spreadsheet we use here:
https://theretirementnerds.com..../social-security-wor
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Erik@TheRetirementNerds.com
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This video is NOT sponsored.
The Retirement Nerds is the no-cost educational platform and serves to offer information around Medicare, Social Security, Financial Planning, and Estate Planning.
⏰ TIME CODES ⏰
0:00 Intro
0:52 Taxable Definition
1:45 Chart Instructions
5:13 Scenario 1: Social Security Income Only
6:34 Scenario 2: Some Other Income
8:00 Scenario 3: Higher Other Income
9:24 Summary of Scenarios
9:42 State Exceptions
10:11 Strategies to Use
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#socialsecurity #taxes #socialsecuritytaxes #90daysfromretirement
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
