Filing Taxes in 2023? Here's How Your Social Security Will Be Taxed

A lot of rumors swirling around Social Security. More specifically, how Social Security is taxed. You were already taxed with FICA taxes to earn Social Security, and now it can be taxed again?

The answer is yes, up to 85% of your Social Security income may be taxable. We'll walk you through how it all works.

Watch the updated video here:

Download the Worksheet Used in the Video:

Need help? Email me!

Federal Disclaimer:

Chapters:
0:00 Introduction
0:49 How Much Is Taxable?
2:23 Calculating Your Taxes
3:26 2 Calculations
3:42 Calculation #1
4:39 Calculation #2
5:28 Scenario 1 : 0% Taxable
6:38 Scenario 2 : 16% Taxable
8:41 Scenario 3 : 85% Taxable
10:49 Recap

[Theretirementnerds]

The Worksheet Used in the Video:
This worksheet was created by the team of financial advisor who are partners with 90 Days From Retirement. Due to the regulations the advisors must adhere to, the SEC does not allow us to distribute this spreadsheet in any way. We cannot sell it. We cannot send it.

[culu]

FINALLY somebody out there who knows what he's talking about !!

l couldn't find anyone who could explain how these thresholds REALLY work.

People out there listen to this guy. He totally deserves his “Like”.

[lydialee]

Yes definitely a like ! You explained and illustrated it the best . Very clear and easy Toni derstand for us senior. I subscribed and definitely share your channel to friends. Thanks!

[Stilllookingood]

Thanks for this Erik. I will keep this video for reference.

[jodiecox]

Wow!!!! Such great information on a very confusing subject. Thank you for all the examples!

[sandramoye-cochran]

Thank u so much. This was really helpful. I did the worksheet to see how much of social security was taxable but I did not understand all of the calculating until now. U explained it to where I could understand it. Thanks

[masterlee]

I always hit the like button before I even watch the video. Why you ask? Because I already know its going to be that good. And since my plans are to start collecting January 2024 I can't wait for the videos coming. Great Job!

[citizenplanetearth]

This was the most informative video I’ve watched to date and very helpful! Well done and thank you!

[EustisRider]

I'm 67 and just started taking my SS last April. My wife is 61 and still working. This was super helpful and removed so much of the mystery around this topic. Thank you! Well done.

[dannycai]

Thank you! You answered all questions i had in the last 3 years regarding SS.

[peterizzo]

Awesome explanation, thank you! I've listened to several financial types explaining this and your explanation is head and shoulders above the others.

[terryadams]

Very concise (and correct). Well done. Thanks!

[randolphh]

Best video I’ve ever seen on this! Great job

[aileencapra]

Thank You. Very informative and best video on you tube regarding SS tax. Just subscribed.

[jhors]

Excellent video, thanks so much for posting this.

[rosadeidamia]

You were very clear . Thank you very much

[carywinn]

Straight-forward presentation. No "tax torpedo" scare tactics. Well done. Even in a worst-case scenario, one still pays 15% less on SS income than other taxable income.

[stevec]

Outstanding, simple explanation. Thank you so much!

[BartonWagstaff]

Best video on this topic I've ever seen!

[TraceElements-tike]

Very good information. I will need some time to produce these formulas but now your video give me a good base. Much Thanks!