Up to 85% of your Social Security can be taxed. Any tax on your Social Security is double taxation because you’ve paid into the system on post-tax money. Some people will pay more in taxes than others due in part to the “phantom tax” Social Security creates.
Learn the three things to do that can help to reduce or eliminate your extra taxation on Social Security.
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How Is SS Taxed? :
🔑 Key Topics :
0:00 – Intro
0:44 – Background Info
2:09 – Adjust Your 401K Contributions
3:27 – Overstuffing 401K Example
4:52 – Put Some Dollars in Roth
6:19 – Strategize Your Taxes
8:00 – Outro
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When you say FAIR SHARE TAXES what about the 47% who pay NO INCOME TAXES?
Only have ssof258000a. Year medicare over 2500ayroutof sscheck h ow w I know if I owe tax I am not married
Thanks for the useful information.
I figured this all out in my mid 40's when I decided to start planning our taxes and took the extra step to discover what taxes are like in retirement. I studied the tax forms and publications, ran a few likely scenarios/returns and talked with every senior I could in all stages of retirement. Then I came up with a strategy tailored to our circumstances that goes far beyond what could be imagined. I also figured out the "hidden" benefits of Roth distributions vs tax deferred distributions such as not increasing the amount of your social security that's taxable or increasing what you pay for medicare premiums. Of everything I've ever seen or read on the topic, neither has been given the attention they deserve by anyone so kudos for making these points.
Currently I'm in the long process of converting our tax deferred accounts to our Roth IRAs, slowly over time and under taxable limits using the form 8880 retirement savers credit as a shield to bump up our tax free zone from the standard deduction to the maximum savers credit of $41,000. I can and am moving mountains over time. No taxes now, no taxes later and I'm completely de-fusing the "Tax Torpedo" and the "Widow's Tax Trap…and it doesn't cost a single penny in taxes, neither federal or state. This is what happens when you take it to it's extreme and it's heavily dependent upon enjoying a smart and frugal lifestyle to create the financial room to do so. Cheers!
This issue is mostly solved by your local tax codes. In my state the SS tax is not that big of a deal to right off. I think my accountant uses homestead exemption.
So if one is maxing their 401k AND both his and his wife’s ROTH IRA, where else is there to put $$$ so not to cause taxation of your social security?