Title | : | Social Security Federal Income Tax |
Lasting | : | 27.16 |
Date of publication | : | |
Views | : | 51 rb |
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Hello, quick question, I am a 62 yo retired Federal employee I get a monthly annuity and have Federal tax taken out of that My wife still works and has Federal tax (10) taken out each paycheck This past year we got a Federal tax refund of over $2k Since I turned 62 two months ago, my SSA Supplement ended Starting this month I will begin receiving my Social Security benefit payment which works out to be about $700 more than my SSA supplement was per month My question is, since my wife and I received a good amount from last years Federal tax return, am I required regardless to have additional Federal tax taken out of my Social Security benefit even if I think we are paying adequate Federal Taxes on our income? Thank you Comment from : JET |
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The first man is so different from other YT presenters His speech is slow and steady, giving the listener time to absorb He's fast becoming a favorite Comment from : Linda |
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I think your first example is all messed up The woman's maximum social security would be 85 which would be lower than the test you gave her Plus you did not include that she was a qualified widower or that she got the extra deduction for being 65 years old You also didn't say whether or not her long-term capital gains or tax-free because they were under $40K I think there was a lot more detail that could have been put in versus trying to get people to become a client Comment from : FLOODOFSINS |
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So if I make 33,600per year SSD Single and live in Florida I would only have to pay 50 percent tax on 1,600 of the 33,600 correct?brThanks Comment from : David Elcess |
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AWESOME videos! Can you please confirm/deny: for the income test to see if your ss benefits are taxed; the FIRST year only, the SSA does not count your other w2 income? Comment from : SuperK |
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Great video! Comment from : Michael |
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Does anyone know:
brWhen a person applies for SS at age 62 or above, the SS online website application has a checklist of things you need In that checklist one item under "Marriage and Divorce"
br• Name of prior spouse (if the marriage lasted more than 10 years or ended in death)
br
brQuestion If the prior spouse marriage did NOT last more than 10 years, do you NOT have to list any prior marriage(s)? Comment from : Jopes Phillip |
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Taxes are illegalbottom line We have all worked hard for our money and to have a pension to be able to survive Isn't it stated that at age 66yrs 8mos you can earn any amount???? Comment from : DonnaG |
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I know so many single people who started collecting their SS at 70 but continue to work "full-time" past age 70 I guess a lot of their SS and/or their paycheck will go to IRS, right? How much SS will they lose? How much of their paycheck will they lose? Comment from : Yanni P |
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Excellent Comment from : wendell daws just a great info presentation |
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Call this company a few times to ask a important question and they never call me back and they try to appear so helpful on utube Wow Comment from : Odetta Darden |
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I have been on Soc Sec Disability for some years now I just turned 65 and a small pension has just kicked in, $12000 a month I was always told I do not have to pay taxes on the SS Disability This will be the first year I turned 65 in 2022, that I will pay taxes on my pension Comment from : Justjack613 |
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so if it is your only income there is no exact answer? little or no income tax? which is it Comment from : tonewill |
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The combined income is actually referred to as Provisional income, which should be abolished! That's double taxation This is where the government screws you They haven't raised the $25k cap limit in how long? brbrYou work 40-50 years and pay into your benefits, and they still want more to keep you barely able to live Americans will never get a fair shake in life when politicians create a multi-million dollar portfolio on a fixed income Who's watching them? Nobody!!! Comment from : Roy Exploring The Philippines |
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My husband receive disability ss- are we still subject to 85 tavable? Comment from : Chie Mill |
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Those who only rely on their social security can't even get enough food or to pay for rent and utilities This means they have to rely more on government which in turn the government controls them Comment from : Patricia Bennett |
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Government reallocating our insurance is not by consent non disclosures Equity indeed by definition THEFT spent irrationally Comment from : Brian Cross |
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Great video Helped me wrap my mind around the SS tax implications…Thanks! Comment from : Mike Edwards |
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Good video, however you did not consider the heath and longevity of the two that will wait to 70 to collect SSbrThat would be close to 90 years old to break even if they started collecting at 70brEven though full retirement would be less (if the waited to 70) they could enjoy those funds from 66-70brIf either died before 85 they would have lost money if they waited to 70 to collect Comment from : L Savman |
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Ya es hora de que arreglen las cosas tal y como son dónde las companias me emplean y no me dan mi cheque ni como reportar los taxis el irs ya lo sabe tiene que obligar a que me den una forma para Aser taxis y los pagos que me pertenesen ya deven de arreglar las cosas y quitarse de estafarme con todo mi trabajo por eso tienen la demanda en la suprema corte de justicia y labor comisión Comment from : bernabe cervantes |
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I thought the standard deduction for single are widow was 25 k Comment from : monte mcdearmon |
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No wonder, after I got sick I asked my tax man if I can report taxes and he said no I wish I could it have so I could receive the child tax credit 😑 Comment from : Patricia Balcazar |
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I have a question maybe 2 questions brI retired and move to Dominican Republic brAfter working 8 years I Puerto Rico and 42 years in Georgia brI receive 2,20000 a month from social security after paying 172,00 a month for Medicare brIf something happen to me here I have not Medicare covered because it is a foreign countrybrI wanted to cancel my Medicare and use that 17200 for medical insurance here ( that is not good anyway but it is better because I live here)brI am 69 years old and very healthy brMaybe I die tomorrow but today I am in top shape ( I look 55)brI receive my social into direct deposit and use a debit card to brMaintain cost of living herebrI could not leave in the USA in GAbrwith 2,20000 a month a decent apartment cost 1,00000 a month brCar, gasoline, electricity, phone and grocery could cost me 1,200 a month easy ( car payment I have not car)brPublic transportation from a decent place does not exist brDo I need to pay state and federal taxes?brSingle not dependent not dog or catbrI live happy here in the Caribbean with 2,200 I am a king !! Comment from : Jose Pavon |
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Why is only $1000 of her $18000 SS money taxable? Comment from : Douglas Abernathy |
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For a self employed individual is that combined income after business deductions? Comment from : Gloria Deas |
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Course the taxes will all go up after they let Trumps cuts expire in a couple years And now that Biden has given the green light to push our 401K investments into "green" stocks which will perform less or go bankrupt, retirement is looking pretty grim for me I'm afraid Comment from : OnlywenIlaugh |
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Has the IRS finalized the 10 year rule yet for inherited IRAs? I'm holding off on taking the withdrawal for this until it's finalized Comment from : Daniel Przybyl |
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This government wants you to live in poverty and not be able to live with any extra money for emergency needs Social security isn't enough to pay rent, utilities, transportation and food so people have to work somewhere Social security should not be taxed as high because we are in a high inflation this year which is affecting our income for rent, food, and utilities Many people have worked for many years to be able to get social security and now they are being taxed for working and they aren't able to buy a house Some people don't have a 401 k because they have a family to support which is important Many single parents are not that lucky to have extra money Some people don't even own a house or car which they depend on public transportation or taxi service which could be expensive Comment from : Patricia Bennett |
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IRS publication 915 will greatly assist you on your S S taxability Comment from : Retiredmco1199 |
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This was a really, really excellent video Thanks for sharing Comment from : boat6868 |
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Great stuff Hans and Tom Comment from : David Eberhart |
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How does Military Retirement benefits factor into calculating taxable income? Income sources, SSAN, Military Retirement, IRA?? Thank You Comment from : M C |
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I don't know who needs to hear this! Stop relying on the government and savings Invest some of your money if you want financial stability, the pandemic has thought us the importance of having several streams of income Comment from : Catherine Ann |
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