Here’s Exactly How Social Security Gets Taxed

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Information Here’s Exactly How Social Security Gets Taxed

Title	:	Here’s Exactly How Social Security Gets Taxed
Lasting	:	12.04
Date of publication	:
Views	:	14 rb

Thanks so much for the information
Comment from : Me Too

When you and your company pays the 15,3 of my lifetime income to Social Security I do not consider it a benefit But I love your videos and also your podcast They are great straight forward and helpful thank you
Comment from : Jps Music and More

That's great explanation why CFP and CPAs are telling for years that Taxes are going Up especially for those who are not realizing why and what's causing it That how more and more Social Security Income is being automatically Taxed as designed of course for those who diligently saved and invested 50-85 of Social Security Income is Taxed and inflation has no impact as designed for years Sweet! ❤😂
Comment from : Anna Martino

You say, tax free municipal interest gets included in your Provisional Income Does this mean the tax free T-Bill interest is also included?
Comment from : Bill Howe

It’s too bad, that in 2023, there isn’t a very user friendly, simple app whereby one could plug in 3 or 4 numbers and have the specific info they’re looking for Amazing how something so pervasive, so applicable to 99 of everyone, isn’t easier to calculate That said, thank you for making as easy as you can given the tools you/we have
Comment from : The Tinker Wins Prods

Wow Someone who really explained how ss and taxes work in a smimple step by step peocess It seems many try to make it more complicated than it has to be
Comment from : steven cole

James Conole is so good at explaining things Such a brilliant financial person
Comment from : J D

You say gross income but my research says adjusted gross income
Comment from : Gumper Van Lier

Fewer people have their SS income taxed because the provisional income threshold remained the same This seems counterintuitive to me Wouldn’t this cause more of your SS to be taxed as inflation adjusts?
Comment from : 11Hammers

I think you meant “more” of your social security is taxed!
Comment from : Jim Hayes

Why does the 0 bracket for provisional income go from a max of $25,000 for a single person to $32,000 for married filing jointly? That's only a 245 increase Whats the logic behind that?
Comment from : Donald Cedar

taxed thanks to reagan a-hole
Comment from : M P

Great explanation! Thank you for all the examples and your commentary on this Heading for your next video now!
Comment from : Janet Hunt

We were already taxed on SS contributions
Comment from : pdfull

You talked about tax free bonds being added into your provisional income How about Roth distributions? I’m a couple of years from 65, which is when I plan to leave my job I don’t plan to start taking SS until 67, which gives me a couple of years of low income in which I could convert some of my traditional IRA to Roth My retirement income will not be over a 22 tax bracket My SS income will be $32,000brbrIt looks like, if Roth is not added back to provisional income, it would be worthwhile to do a lot of Roth conversions, up to the limits of the 24 tax bracketbrbrThanks for the info, it looks like I’ll have to research this some more!
Comment from : Scott Keller

40 years, 3 major "Rewrites" of the Tax Codes, including what the last president claimed "The BIGGEST rewrite" of the tax code in history, yet this provision that primarily benefits the poor or Middle Class got left out? Seems kinda fishy to me
Comment from : Big Johnson

I saw a news about Missouri becoming the 40th state that does not tax the social security, starting 2024 Does that apply to all social security incomes for all seniors?
Comment from : W Lc

I love your content; will it be okay If I'll send you an email I want to collaborate with you🙏
Comment from : Denmary Isidro

@Root financial Hi James would you please make a video of living in retirement at tax free state vs state tax TIA I enjoy your videos and also learning from it 😊
Comment from : lady bug

Social Security or Pension should tax free when you are 62 We had worked all our fvking lives before we retired Why fvcking tax again?
Comment from : Midnight Stalker

This is why getting help from a tax professional is so important Great video
Comment from : T W

It should be noted that the thresholds for figuring up your taxable Social Security were deliberately excluded from adjustment from inflation The idea was to gradually introduce the taxation of Social Security until eventually nearly everyone would have to pay some tax on their benefits This tax is getting to be a larger and larger portion of the funding for Social Security It’s a pretty easy tax to avoid with a little planning Roth IRA distributions are not included in the provisional income calculation so it is quite possible to have a six figure income and still pay no taxes
Comment from : John Scott

Ok Help here Married couple we get $4136 and $1655 combing SS also a small $600 Pension living in Pennsylvania and have $850,000 cash under the pillow Forgot we are 70 and 76
Comment from : Thomas Bridges

Tax free interest in any Roth accounts are all tax free… The government has never adjusted The tax free thresholds for singles and married, When it comes to social security tax, (provisional income) It’s a sneaky way of raising taxes every year, as the COLA continues to go up, but not the tax free amounts of SS
Comment from : Andrew Roth

This was great Very understandable! Here are questions I am trying to understand about Social Security and taxes: It's about what happens when you work while collecting I had to start collecting at 62 because I'd lost my job and could only find part time work I've since found more part time work so my annual income is over what is allowable to earn while on Social Security I had been told though, that even though you pay a steep penalty, since you are also paying FICO taxes on income, that it should raise your monthly benefit But I haven't seen that happen Is that even true? I've also read that sometimes they miscalculate what your benefit should be; how would I find someone to double check my benefit to make sure I'm getting all I should? Thank you!
Comment from : 9thAvenue Collective

Good to know I'll try to keep my cap gains, int and divs @25K or below so my S20K SS is not taxed If that's correct And maybe favor qualified divs over ordinary income
Comment from : Gary65437

Thank you James for explaining how ss tax work I really like your Chanel 👍
Comment from : Lam Nguyen

New Mexico only taxes for income above $100,000 for an individual The law just changed
Comment from : Nina Johnson

When you reach the thresholds, does it mean your entire social security benefit is included in the calculation? I’m other words, does making one extra dollar cause the entire percentage to be added to taxable Income?
Comment from : Michael Swami

What is the SS Tax Torpedo? Is that real or hype?
Comment from : Capt Nightwatch

The other thing to know is that your SS "benefit" is your total benefit, ie gross before Medicare premium is deducted So yes, you can end up paying taxes on the portion of your SS benefit that is pealed off to pay your Medicare premium
Comment from : Jay Radmer

James - I love your content I would like to point out that, starting in 2022, Colorado no longer taxes Social Security benefits for people 65 or older They still have a $24k deduction for pensions, annuities and IRA withdrawals
Comment from : Mark Freeman

9:40 Very confusing statement "fewer and fewer people each year have less of their Social Security benefit taxed because of that" less than what?
Comment from : BigDog