Do Social Security Income Recipients Pay Income Taxes? TurboTax Tax Tip Video

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Комментарии
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Taxing Social Security benefits is a simple way to partially means-test SS benefits.
I argue that SS benefits should be fully taxable for all. But I also advocate a flat rate income tax of 32%, and a personal tax credit of $542/person/month, that would be paid to all.

The average SS benefit is $1461/month = $17532/year. After income tax, that would amount to $11922/year. The annual amount of the personal tax credit would be 12x$542 = $6504/person/year. 11922+6504 = $18426, the average benefit after tax. Assume that this beneficiary has a spouse with a benefit of $900/month. 68% of 12x$900 = $7344. $7344+$6504 = $13848. So the total annual income of the household would rise from 17532+10800 = $28332 to 18426+13848 = $.32274.
Moral: it is possible to raise the incomes of elderly households while making their SS benefits fully taxable.

lylecosmopolite
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But I don't pay taxes. My only income I have is supplemental social income. Will I still qualify for payment method

rosiebustamante
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The government will tax you on everything so plan on having your Social Security taxed cuz they want your money

Huey