Social Security Federal Income Tax

Social Security is taxed based on your other income besides Social Security. If you only live off Social Security, you pay little or no income tax. If you have a small other income, you still pay little income tax on your other income and your Social Security. With a substantial other income, 85% of your Social Security counts in the calculation of your taxable income. This is an important number to know when we do cash flow planning, tax planning, and IRA distribution planning for retirees. I go into a more in depth look at this topic in the video above.

Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. The content of this channel is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Capital Management. Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency. Any review of “The Complete Cardinal Guide” is specific to the book and is not an endorsement of the advisor.

[Linda-ncfu]

The first man is so different from other YT presenters. His speech is slow and steady, giving the listener time to absorb. He's fast becoming a favorite.

[odettadarden]

Call this company a few times to ask a important question and they never call me back and they try to appear so helpful on utube. Wow

[patriciabennett]

This government wants you to live in poverty and not be able to live with any extra money for emergency needs. Social security isn't enough to pay rent, utilities, transportation and food so people have to work somewhere. Social security should not be taxed as high because we are in a high inflation this year which is affecting our income for rent, food, and utilities. Many people have worked for many years to be able to get social security and now they are being taxed for working and they aren't able to buy a house. Some people don't have a 401 k because they have a family to support which is important. Many single parents are not that lucky to have extra money. Some people don't even own a house or car which they depend on public transportation or taxi service which could be expensive.

[TheDealHunter]

Excellent video! I was confused at the beginning when the whiteboard was showing $8, 700 as the MFJ standard deduction. But then at the end the missing "2" was on the board.

[boat]

This was a really, really excellent video. Thanks for sharing.

[mikeedwards]

Great video. Helped me wrap my mind around the SS tax implications…Thanks!

[MC-rhfc]

How does Military Retirement benefits factor into calculating taxable income? Income sources, SSAN, Military Retirement, IRA?? Thank You

[yannip]

I know so many single people who started collecting their SS at 70 but continue to work "full-time" past age 70. I guess a lot of their SS and/or their paycheck will go to IRS, right? How much SS will they lose? How much of their paycheck will they lose?

[kevinwiseman]

AWESOME videos! Can you please confirm/deny: for the income test to see if your ss benefits are taxed; the FIRST year only, the SSA does not count your other w2 income?

[jet]

Hello, quick question, I am a 62 yo retired Federal employee. I get a monthly annuity and have Federal tax taken out of that. My wife still works and has Federal tax (10%) taken out each paycheck. This past year we got a Federal tax refund of over $2k. Since I turned 62 two months ago, my SSA Supplement ended. Starting this month I will begin receiving my Social Security benefit payment which works out to be about $700 more than my SSA supplement was per month. My question is, since my wife and I received a good amount from last years Federal tax return, am I required regardless to have additional Federal tax taken out of my Social Security benefit even if I think we are paying adequate Federal Taxes on our income? Thank you.

[savmanhk]

Good video, however you did not consider the heath and longevity of the two that will wait to 70 to collect SS.
That would be close to 90 years old to break even if they started collecting at 70.
Even though full retirement would be less (if the waited to 70) they could enjoy those funds from 66-70.
If either died before 85 they would have lost money if they waited to 70 to collect.

[Justjack]

I have been on Soc Sec Disability for some years now. I just turned 65 and a small pension has just kicked in, $120.00 a month. I was always told I do not have to pay taxes on the SS Disability. This will be the first year I turned 65 in 2022, that I will pay taxes on my pension.

[Retiredmco]

IRS publication 915 will greatly assist you on your S. S taxability.

[tonewill]

so if it is your only income there is no exact answer? little or no income tax? which is it.

[lluvia]

My husband and I bought a new house sometime on the year of 2005 but it wasn’t finish until Aug of 2006 is when we moved in, we paid $ 332, 000 I lived there till we moved to another house sometime in Apr 2008 then I put it on the market to be sold but the company I hire to sell it didn’t make any effort to sell it, so I decided to rent it out in Aug 2008. Last year in Jun 2022 we sold the house for $592, 000 and on Sep 30, 2022, my husband and I retire from our jobs. I would like to know how all this is going to work for us when we do our taxes, we both over 65 years old and w just like to use our money for our retirement Thank you. Sincerely, SL

[DouglasAbernathy]

Why is only $1000 of her $18000 SS money taxable?

[davidelcess]

So if I make 33, 600per year SSD Single and live in Florida I would only have to pay 50 percent tax on 1, 600 of the 33, 600 correct?
Thanks

[chiemill]

My husband receive disability ss- are we still subject to 85% tavable?

[DDprzybyl]

Has the IRS finalized the 10 year rule yet for inherited IRAs? I'm holding off on taking the withdrawal for this until it's finalized.

[briancross]

Government reallocating our insurance is not by consent non disclosures Equity indeed by definition THEFT spent irrationally