How To Calculate Taxes on Your Social Security Benefits

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Information How To Calculate Taxes on Your Social Security Benefits

Title	:	How To Calculate Taxes on Your Social Security Benefits
Lasting	:	23.14
Date of publication	:
Views	:	49 rb

Holy cow 100k wow who gets that fir ss a doctor?
Comment from : bruce eigsti

Zero for us we will take at 67 around 4500 a month all are IRAs tax free so wint count
Comment from : bruce eigsti

So, you get a marriage penalty applied to you by the government Instead of $68,000 (two times the single rate of $34,000) being the point at which youbrstart paying up to 85 of your SS benefits as taxable, it is $44,000 for those who are married
Comment from : carl sanders

Thank you so much, Josh, for the valuable info I was confused about my social security and if I had to pay taxes mine is under $25,000 with no other investments Bless your heart
Comment from : Darlene Battle

When figuring "combined income", that includes a working spouse income, correct? Assuming I file married jointly Am I better to file separately if spouse makes over 50k/year?
Comment from : GodIsGood

this was exactly what I needed to finally understand how to figure out how much tax I'll be paying The examples solidified the theories Thanks so much!
Comment from : mamacist

Clear and concise But standard deduction is inaccurate in your models
Comment from : Ted Zimmermann

thanks Josh, the calculations were helpful, it was a little confusing on what is considered taxable income, it seems RMD, IRA's are included in the calculations What about military retirement income, 401Ks, 503 bs? thanks again
Comment from : paul g

The only issue here is not being able to calculate how much social security will be available after the next 10 years
Comment from : Jay Shaw

what tax program are you using ? thanks
Comment from : bill

Your wrong! All your math doesn’t matter, because Scott will be dead before he reaches the age of 80! Enjoy your money and benefits while your are younger even if you pay some tax on it, because it does you no good when your dead! 😂
Comment from : Bofat

Excellent video as always! Question please: How doe the formula's work if you have reached FRA?
Comment from : Phillip Kelley

If you're trying to gain a following, lose that hat
Comment from : Stephen Beaver

Thanks!
Comment from : Tim Walsh

the saddest part is that none of these rats in congress ever talk about adjust the amounts in calculating our SS!!!! lets vote for it or throw them out all these rats!!!
Comment from : extranjeroviajero

ok, so in the " single " example, and that Income is 50,000, which he is saying is only social security where on earth did this person work that they are drawing over 4,000 each month in social security ??? is he still single ??? cause I need to meet this guy !
Comment from : Jo Money

RMD is usually how many ?
Comment from : Yanni P

I'll be paying on 85 on my SS when it comes time It is truly an awful thing to have that much income to where this is the case Woe is me!
Comment from : Tom M

I liked the first part,, thank you,brbrBut i dont get it, at the end why does he mysteriously suddenly have no taxes?? Whats a Qualified dividend and what? What?
Comment from : sz

Please show the information on the tax forms not a white board
Comment from : M B

That is what I was looking for
Comment from : Al Pepitone

how in the heck can a 70 year old couple get 6 figures as income
Comment from : Ralph Nabozny

7:23 - You mean 12000 'multiplied' by 05 and not 'divided' by 05
Comment from : Manish Sabu

Great stuff, i had no idea, you have made this very clear to understand, thanks
Comment from : Ed Collinge

I am completely confused - why is it bad for me to earn qualified dividends!?
Comment from : allen everhart

Thanks for this video I have to start taking RMDs year after next, and although my SS is probably half of what the single guy in your example is, I've had to pay taxes on 85 of my SS ever since I've started taking it! Lucky for me it can't get any worse than 85, I guess It's a ripoff for anyone who has planned reponsibly for their retirement
Comment from : Common Sense

Social Security should not be taxed at all politicians are crooks Tax on a tax
Comment from : OnlywenIlaugh

Good VideobrbrI am helping a single person that is on SS with a retirement account I am going to calculate the maximum she can take out without any tax and either put it in a taxable investment account or into a ROTH IRA account At RMD, the amount will be less, but my goal is to get it to zerobrbrIt would be interesting to do this for your example
Comment from : Harold Hechinger

Time to study up Thanks Josh
Comment from : ramman347

This is the first person that educated me exactly what I am looking for Loss my job in April of this year Got deny unemployment benefits since I was recovering From medical surgery that lasted for over 4 months But I am qualify for SS disability benefits and start receiving pension Had no choice but to withdrew $65K from my IRA to pay bills I’m thinking I’m screw with a big tax bill for 2021 tax year even if I’m able to use the Care’s Act that allows me to pay my early withdraw in 3 years without 10 penalty brbrMaybe I’ll just pay Josh to help me with my tax Hmmm, Josh?
Comment from : sithbk 007

How do you make $100k off social security????
Comment from : M B

So I get punished for saving and investing while irresponsible people never invested so I have to pay more tax on SS?
Comment from : Stroker Ace

Very good information! It should be noted too that Roth IRA’s do not affect taxation of your Social Security
Comment from : John Scott

Excellent video Josh Understanding social security tax code is key!
Comment from : John Marshall

You lost me What if I have a 36,000 pension that I have to pay Federal and A state tax of 425 I'm thinking I'm screwed and have to pay 85 Federal Tax on my SSA ? My state does not tax my SSA My SSA will be a little over 25k a year
Comment from : Ron spangle

Why does the worksheet in Publication 915 yield a lower number than what appears obvious from teh information presented here? There appears to be an error in the worksheet on line 13 or 14 of the worksheet The highlighted word (smaller) should be (larger)
Comment from : William Evans

Great video Broken down nicely between married and single And one-on-one just you and us
Comment from : Paul Raybone

Great stuff here, Josh Love your channel
Comment from : whitleyca

Do have any recommendations for free retirement planning tools? I realize you're in the business of providing a paid service, but not all of us are a position to spend that much or are just interested, at the moment at least, in analyzing what-if scenarios
Comment from : Jim

You are the best!
Comment from : Patrick lee

This is huge Was going to be trying to configure things to pay the max for the 12 tax bracket in retirement Now I want to take Social Security when I have spent my 401K down enough to where my Requirement Distributions still keep me to where I pay ZERO FEDERAL INCOME TAX once my wife and I start collecting social security Again, this is HUGE
Comment from : Jim Moffitt

It looked like it would be beneficial to transfer an IRA over to a brokerage account before filing for social security and before pulling funds from such an account No getting away from the federal pension, but minimizing that taxable base would be nice This information was very informative and easy to understand
Comment from : John Kimber

Great video👍
Comment from : Bruce D

Long story short: your taxes are low Live within your meansbrThe USA is #17 on the highest taxed countries The other countries paying more are happier Go figure
Comment from : Stephen Harper

Thank you Josh for bringing out the trusty white board to drive home this very important concept!
Comment from : Jerry D

Way too long ?
Comment from : MARK COLEMAN

What?
Comment from : MARK COLEMAN

It's a shame those who worked their whole lives, saved and invested responsibly and achieved a high income in retirement are looted of wealth they should be receiving and potentially passing to their heirs through this abusive tax system One shouldn't have to "keep your income low" to avoid a government shakedown worse than the lifetime of paying into social security in the first place
Comment from : Thomas P

This will be interesting to compute Collecting a Military Pension for the last 20yrs, taxable income Fully retired now and first year with SS I’ll need to run the numbers, but probably little or no tax after the Std deduction Be a big jump in 7 years when the RMD kicks in
Comment from : Bill Tisdale