THE TRUTH ABOUT SOCIAL SECURITY TAXES
FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS
with Lawrence M. Post | CPA, MST, CFP®, CIMA®
Senior Tax & Planning Advisor
BWFA
Episode Details:
You may have heard that Social Security benefits are no longer taxed, but that’s not the whole story.
In this Tax Talk episode of Healthy, Wealthy & Wise, BWFA’s Larry Post clarifies the facts. While a new $6,000 senior deduction (per person, age 65+) might help some retirees lower their taxes, the original Social Security tax rules are still in effect. This means many people will continue to pay taxes on up to 85% of their benefits.
Larry explains how the new deduction works, who qualifies, and why income thresholds are important. For example, the deduction completely phases out at $175K for singles and $250K for couples. If you or a loved one is close to retirement, these details could help you plan better for tax season.
This episode offers a clear look at what’s new and what stays the same so that you can make informed decisions.
Podcast: Play in new window | Download
Subscribe: RSS