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Taxes on Social Security Income: 3 Things to Know

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Im 67 The SS office told me that while still working only 50 of SS would be taxed not 85 Whats up?
Comment from : @ourhigherselves

I have a sibling that is 75, receives a monthly amount ( not very much) but she doesn't bother to pay any taxes What seniors are exempt? I'm trying to figure out if she just doesn't bother or is she exempt because of her level of income I guess I thought everyone had to submit a tax return here in California I know another person who prefers to work under the table for cash and does not bother with paying taxes at all Both these people live in California and are US citizens I'm a bit confused Any insight is helpful
Comment from : @madonnahagedorn5649

does AGI equal pension minus standard deduction?
Comment from : @tomy5868

They have and probably still do use our social security like it was there personal checkbook, let them asholes live on it and see how fast they stop taxing it
Comment from : @timothywcoster2212

Crystal clear👍
Comment from : @johnmeye

Don’t forget about how your state taxes SS benefits
Comment from : @kevind8752

I'm retired and my wife is a teacher, with my SSA it causes us to have to pay an extra &100000 every year This is wrong it needs to stop
Comment from : @philplatt-g3l

Double taxation is illegal And yet our government is taxing SSI
Comment from : @TheOtteroo

Don't some states have better/ less taxes on SS
Comment from : @stevebones2535

you are wrong, it was all taxed when I earned it this is a second tax try speaking the truth
Comment from : @alberthodge631

For taxing SS, blame: Ronald Reagan, and the Republicans !!brAlways Vote Blue, Democrat !!
Comment from : @AnaPerez-qm6mx

Wow this is really helpful
Comment from : @DokBua0424

The first thing you need to do is contact your representatives in Congress to index the thresholds
Comment from : @charlesbusch8739

And a big thank you to Al Gore for the tie breaking vote to implement this tax…Democratsugh
Comment from : @robertpettigrew3862

Why is my Social Security tax withheld higher than my federal tax withheld, i only had one job this year It took half of my income text Why, and can i change it on my w2😢
Comment from : @robertbrown4152

Hi can you tell me if A 457 will reduce my SS payments?
Comment from : @pugchronicals1374

Our taxes go to illegals
Comment from : @Sheila-o3w

Is the income total based on net or gross? This would be important to know in my casebrThanks for your help and let me know when you can Also, does state retirement as abrteacher count as income when arriving at the total income? Thanks!
Comment from : @DennisJohnsonDrummer

We must vote the people who voted for current SS laws out of officethere are lots of us
Comment from : @markpalmer7832

It is total robbery We paid taxes on our social security when we paid in to it We shouldn't have to pay taxes on it again Our government is so corrupt That is why so many people at retirement age have to still work Their SS isn't enough to cover their everyday expenses
Comment from : @raybowles8587

We pay taxes on it TWICE
Comment from : @janofb

Another case of marriage penalty
Comment from : @janofb

The only way to be able to retire is to move to another less expensive country to live
Comment from : @falbamonte

We receive $44K on SS Since over 32K is taxable and 1/2 of SS is taxable Standard deduction is $27K Thus my calculation I can withdraw about$20K every year without paying any tax Right?
Comment from : @lifeisshort99

The 0, 50 and 85 thresholds make no sense, based on my tax software, every dollar you earn or take from your IRA results in 85 cents of your SS moving into the taxable line, and this continues with every extra dollar until you hit that 85 limit Am I calculating this correctly?
Comment from : @denniss3980

Roth IRA conversions
Comment from : @georgebentonjr3876

Another illegal double tax
Comment from : @markjoslin9912

Are you talking about combined income when both ate taking socual security or of working income? What if one of a couple is entirely civil service and the other draws social security?
Comment from : @jeanniestaller797

76 also, getting clipped on withdrawals from annuity, which is dwindling because I can't make my monthly payments & costs on the Soc Sec amount!
Comment from : @charlessoukup1111

INCOME TAX IS THEFT
Comment from : @macjc5

FHKH THE CRIMINAL & ILLEGAL IRS
Comment from : @macjc5

BECAUSE WE ARE RULED BY CRIMINALS AND MOST PEOPLE ARE BRAIN DEAD
Comment from : @macjc5

A small correction In tier one ($32K to $44K combined income for joint filers) 50 of SS that brings combined income above $32K is taxable Similarly 85 of SS that brings combined income above $44K is taxable For example consider a couple with $25K non SS income and $20K of SS income Their combined income is $35K Since that is more than the $32K threshold 50 of the $3K of SS that pushes combined income above the $32K threshold would be taxable giving a $265K taxable income However, since $265K is less than the standard deduction for a couple, there would be no tax due In other words it is more complex that you make out This is all very clear if you look at the SS security worksheet in the 1040 instructions
Comment from : @todddunn945

TAX IS ILLEGALIT IS BULLSHIT WE PAY TAXESTHIS BULLSHIT GOVERNMENT SPENDS TRILLIONS ON CRAP THE GOVERNMENT NEEDS TO BE RIPPED COMPLETELY DOWN AND RESET ABSOLUTELY DIFFERENT BY NEW FRESH MINDSAS FOR YOU SIR TO HELL WITH YOUR SUPPORTING THIS BULLSHIT YOU NEED TO TEACH PEOPLE FUCK YHOSE TAXES
Comment from : @dragon1indo162

Would someone who understands that Social Security payments will start to decrease by 23 in 2033 for everyone getting it, do a financial comparison of getting it at 62, 67, and 70 years of age if the person receiving it was born in July 1962?
Comment from : @wereone142

Im having ssa take 7 from my ss check monthly, to help cover some of the tax
Comment from : @jr3254

I am a retired military veteran and I would like to know is VA disability considered income? I have yet to see a video mention this scenario I hear 401K, pension, etc Once I start getting my SS benefits, do I have to add my nontaxable VA benefits as income?
Comment from : @sue3424

Taxing SS is criminal
Comment from : @MuzixMaker

Thank you Jimmy Carter for taxing SSA
Comment from : @rawill1958

Worked examples would be most helpful Why not take the median SS income and other income such as pensions of singletons and couples and show how tax is calculated for these 'average' persons?
Comment from : @marcusstewart3044

Cut SS benefits by 50 Best way to end debt limit crisis Greedy seniors should do a little something for America
Comment from : @jackdreddle2740

Time to petition the government
Comment from : @hildebertocarreiro9232

I wish people making these videos wouldn't talk like accountants Most people watching these are here to get simple information
Comment from : @MrDougmartin

That was a lot of useless information😮
Comment from : @gregstarr5781

For people living in KY After 59 1/2 years of age, you can rollover to Roth up to $31000 every year and not pay state tax
Comment from : @practicalshooter6517

This is a good video, I want to use this say something, I will forever be indebted to you Gardner 😇you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment in money market, thanks so much Mrs Rose Gardner
Comment from : @vnnyCao

So I am single If I make 18000 a year in dividend income and 17400 a year in SSI will i have to pay any taxes??
Comment from : @rcdyer

What the government does not understand Over 65 Retired, small pension and social security, making under $25k a year, while I withhold income tax with IRS and get a small refund it is soon gone to Property Tax Property tax is $4k and house/car (both paid off) insurance is $4k due to high Market values SO with that being said, what do I live off of Stress How can I maintain my house No wonder Seniors have crappy housing My researched showed that paying tax on Social Security after retirement is to help pay back the deficit that the government took out
Comment from : @diamond6256

My Social Security annual income is $14,500 Can I start working making $14,000 A year and pay Zero tax?
Comment from : @johnkennett3265

I want Donald Trump’s tax plan He is rich but pays less tax than me, a factory worker What law allows this to happen? It’s unfair that low income people pay higher taxes! Maybe it’s time for a rebellion of senior citizens!!!
Comment from : @janispayne5570

Why can a single person that makes these video's answer the simple question Do I have to pay taxes if my ONLY income is from social security They keep talking about combined income instead of answering the simple question
Comment from : @robertorojasjr6572

Biden promised to increase the combined income limits from $25,000 and $32,000 respectively to $50,000 and $57,000 After not seeing an increase for 26 years, It's about time congress did this Just my humble opinion
Comment from : @RobtJude

when is the best time to take social security????
Comment from : @susannabruemmer3683

Used to be that at age 72, you could make as much as you wanted from any source and get to keep your SS My dad's boss's wife in the late 60's used her SS to buy booze They lived in a wealthy neighborhood
Comment from : @hotpuppy1

What a scam! The social security tax table, has never been adjusted for inflation A COLA increase is always below real inflation
Comment from : @puravida5683

there is no trust(or lock box as clinton calls it) the criminals spend fica taxes as fast as it comes in
Comment from : @jamesdey4560

they triple tax youfigure it outfricking thieves
Comment from : @ramonlong1079

In my 70s have not given the government any taxes in many years because I'm in a low tax bracket
Comment from : @v1-vr-rotatev2-vy_vx31

Well, there is no trust fund Currently paying out 20 cents of every dollar asbrborrowed money Yes, not enough people working/paying the tax brThis is AKA a Ponzi scheme Age increase to start collecting is the NEXTbranticipated change comment please
Comment from : @tedlahm5740

Here’s subject for you Hubs and I retired and started drawing SS at 62 The first year of retirement he was able to cash in some stock options that he earned several years before retiring During the 2nd year of retirement SS called the stock “wages” so they initiated a penalty on the amount over $19k (don’t recall the actual number but you probably know it) We called SS and they mentioned that it might not be chargeable, and to research and appeal Sure enough, “bonuses” earned in years prior to taking SS aren’t considered as the penalty wages So glad we inquired about it, the sum was significant
Comment from : @srbboo5014

I worked for 44 years And I still have to pay tax Do retirees should not have to pay tax Because we did our time I'm 66 You're old that's ridiculous
Comment from : @jonathangoodwin646

Social security was a scam from the very beginning when it came into being in August 14, 1935 At that time, the minimum age for retirement payout was 65 years old However, the average life expectancy in 1935 for men was 617 and 651 for women and most women did not work fulltime The life expectancy dropped 4 years straight from 1935 to 1940 and for men it did not exceed 65 until 1949
Comment from : @badweetabix

I didn't find this video helpful I found it disturbing Social security trust? You do realize that when social security was formed we were told that it wouldn't be touched They lied, and every so often we keep getting told that social security will be out of funds by the time we retire That's why they want you to work until 70 They figure you'll die prior, or soon after starting to collect Now you're saying 85 is taxable, and they calculate this by including untaxable income We the people did not approve this scam
Comment from : @kz5058

Progressive tax does not mean "the more you make, the more you pay" That would also be true of a flat tax Progressive taxation means that the more you make the higher rate you pay
Comment from : @donb1183

Taxes on social security? Not seems like double taxing, IT IS DOUBLE TAXING!
Comment from : @gingercox6468

Is VA disability payment considered non taxable income for SS tax?
Comment from : @tedenderpal1299

Nicely done Short, clear and to the point Thanks
Comment from : @tshooter4419

Chock full of information Hope you can elaborate on Roth Conversion strategies
Comment from : @Yette

Will my Roth 401(k) and Roth IRA account be subject to income tax if I wait until I’m 67 to collect Social Security ?
Comment from : @SilverHonda0767

They haven’t raised the darn $44K in the past 20 years Why ??????
Comment from : @bonniewatch8463

what if social security is your only income?
Comment from : @tonewill9407

The government is screwing us any way they can
Comment from : @jerryfriday8619

Would love to have seen some examples and what to look out for in the way of errors that will cost you more taxes
Comment from : @stevevet3652

What a croc of shit the system is
Comment from : @chompnormski

Every person who dies after 65 should have the epitaph “Murdered by the US Government” on their tombstone The government does everything possible to take back the small amount of money that you worked all those years to receive
Comment from : @bendale2024