This video discusses five simple strategies on how to pay no taxes on Social Security by using simple exceptions to Social Security tax rules. This video has the added benefit of help people reduce their traditional income so they pay lower taxes overall.
Social Security Tax Calculation Worksheet:
HolySchmidt.com/SSTax
States that Don’t Tax Social Security Payments:
Alabama (no state income tax)
Alaska
Arizona
Arkansas
Delaware
Florida (no state income tax)
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Mississippi
Nevada (no state income tax)
New Hampshire (no state income tax)
New Jersey
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
South Dakota (no state income tax)
Tennessee (no state income tax)
Texas (no state income tax)
Washington (no state income tax)
Washington D.C.
Wisconsin
Wyoming (no state income tax)
Other Important Links:
Free “Retirement Ready” Checklist:
Federal Reserve Board Survey of Consumer Finances:
Social Security Administration Application for Benefits
Current Social Security Cost of Living Adjustment
Social Security Payment Estimator
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
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Required Minimum Distribution always increases income. Shame on the government for taxing Social Security for anyone making less then $100,000. Especially when seniors pay so much for Medicare and any additional supplements.
Are you saying we don’t have to pay taxes on our ss that we collect monthly or are you talking about not paying taxes on the amount of sS you put away before retirement?
Question: once you are taking money out of your profit sharing plan, is it better to roll over your profit sharing plan to an IRA ? Why?
Social security should NEVER be taxed in any way. It was a republican president responsible for starting taxation on social security. Never vote for a republican. Wise up Seniors!
Very doubtful the Social Security benefits be taxed at 50% in most cases, unless your itemized deductions are way over the top. This would mean your income can barely maintain your lifestyle. This sounds nothing more than an academic exercise.
Thanks for the videos!!
When I view my "SS Retirement Calculator" can I correctly assume the 8.7% COLA is not included. So if it estimates $1000/mo benefit It should be $1087.00. Right?
WE SHOULD TAX OTHER COUNTRIES THAT CONGRESS SUPPORTS!
We pay taxes for other countries but not our own!
I'm 65 now and plan to start drawing my benefit at 67 but continue to work full time for a couple more years or less in order to further reduce my overall debt. (Finish paying off mortgage) What would be the advantage if any to just retiring at 67 and not being employed vs full employment and drawing SS benefit?
It has been a year, but seems the calculator has been dumped?
I paid taxes on it before it was taken out of my checks .
Smart assed remarks don't add to the conversation. Apparently some posters below feel it does…Bottom line is you can influence the amount of your taxable income but deciding in which order you spend your various financial assets in retirement. I have three "buckets" of money…Deferred (IRA) Taxable (Brokerage Account) and Tax Free (Roth.). If I spend IRA money, I pay ordinary income taxes (Highest Rate.). If I spend Brokerage Funds, I only pay Capital Gains. (Maximum 20%). If I spend Roth Dollars, I pay Zero Percent. The fact that you may have failed to adequately save and invest for your retirement is not the fault of the Video Author. By being selective, and by educating yourself, which is what this author does, you can control the amount of your "Combined (Provisional) Income."
Tell us more about hsa how do we benefit from an HSA if we can't access the money in it except for medical exspenses
01:20 – In you listing of the US states (9) that do not require you to pay state income taxes are 13 US States and NOT 38 US states as you mentioned.
– Therefore, you arithmitic is wrong … the chance of not paying state income taxes is 26% and not 76%.
– The 13 US States are: Alabama, Florida, Illinois, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington and Wyoming.
HSA does not have DOUBLE benefits. HSA gets pre-taxed money and lower your taxable income, but it does NOT come from your tax.
You Tube – please stop sending this irrelevant stuff to me that refers to another country. It's misleading.
I did not read all the comments to check for redundancy but I wanted to mention contrary to your above list that the state of Alabama does indeed have a state income tax.
Do what trump does, just don't pay
They government does not want you to stop working. They want YOUR money.
cannot find the spread sheet on your web site to calculate this for my own situation.
your link to the SSTax worksheet is not working
I just turned 80 years of age and for the last two or three years I have had to pay taxes on my income. My question is will this continue for the rest of the time that I receive an income,
or does it stop at any point in time?
Even if you waited till 70 to collect your SS ($30K per year), but if you continue working full-time and assuming you get a paycheck of $100K per year, then 85% of your SS will be taxed by IRS, right? Not even touching 401(k), Roth, etc. yet.
Why isn’t Virginia listed under a no tax state? When I looked it up on line it said they do not tax social security. We are thinking of moving there so I’d like to know. Presently we live in Pennsylvania.
To pay zero tax on Social Security you better not have much income
None of us should ever pay tax on pensions or social security, vote this thieves out of office in november,, they want socialized worlds , do not allow it, they work for us
California should be on your list of non taxing states.
Is the use of savings I had no idea that I would live long enough for this boring ass conversation. I am 80 years old I make $15,000 a year and that's it. You gave me no help this is of course which is what I expected.
I agree. SS should not be taxed.
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
I find no spreadsheet on your website anywhere
SLOW to develop
Click bait…
Alabama resident here: Alabama has an income tax.