No changes on taxes on SS income since 1983!!

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

 

[Ringel05]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

 

[Dekster]

There have been numerous COLA to SS since 1983 and the ceilings have risen sharply

The only real problem is that the fed has been understating inflation since the 90's by allowing goods in the basket to be switched out with cheaper ones.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

 

[Penelope]

There have been numerous COLA to SS since 1983 and the ceilings have risen sharply

View attachment 282397

The only real problem is that the fed has been understating inflation since the 90's by allowing goods in the basket to be switched out with cheaper ones.

That is the amount you pay taxes on out of your paycheck , not what you are taxed on.

 

[Ringel05]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

There are offsets in the tax code, itemized and standard deductions are just two of them.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

There are offsets in the tax code, itemized and standard deductions are just two of them.

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000

 

[Ringel05]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

There are offsets in the tax code, itemized and standard deductions are just two of them.

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000

Don't know if that's correct or not, I'm not a numbers person.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

There are offsets in the tax code, itemized and standard deductions are just two of them.

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000

Don't know if that's correct or not, I'm not a numbers person.

SS pays taxes on the AGI of line 37 on page 1, the standard deduction falls under the taxable income.
So it does not count off the taxes.

 

[Ringel05]

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

There are offsets in the tax code, itemized and standard deductions are just two of them.

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000

Don't know if that's correct or not, I'm not a numbers person.

SS pays taxes on the AGI of line 37 on page 1, the standard deduction falls under the taxable income.
So it does not count off the taxes.

If you say so.

 

[Mr Natural]

Thank you St Reagan for making all those greedy, do-nothing seniors cough up their fair share.

 

[Toddsterpatriot]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

 

[Ringel05]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

No, 50% of the $2600 is taxed so $1300 is taxable.

 

[Toddsterpatriot]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

No, 50% of the $2600 is taxed so $1300 is taxable.

Yeah, Penelope is an idiot.
She also forgot to mention that it was Clinton, in 1993, who increased the max taxable amount to 85%.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

So do you only pay taxes on 1000, the cutoff is 25000 or pay taxes on all of the 26000?

 

[Penelope]

Thank you St Reagan for making all those greedy, do-nothing seniors cough up their fair share.

So you don't think that should of raised along with inflation?

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

No, 50% of the $2600 is taxed so $1300 is taxable.

Yeah, Penelope is an idiot.
She also forgot to mention that it was Clinton, in 1993, who increased the max taxable amount to 85%.

So double tax, and everyone was involved with raising FICA.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

No, 50% of the $2600 is taxed so $1300 is taxable.

No 26000, so 1000 of that is taxed at 50% or the whole 26000, since 25 grand is the cut off for singles.

 

[boedicca]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

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This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Actually, people should have individually owned retirement accounts for their SS contributions. SS is a ponzi scheme and the Feds have already spent all of the "Trust Fund".

 

[AzogtheDefiler]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

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This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

$24k is the standard deduction now. What in the Blue Hell are you talking about?