How much of your Social Security will be taxed?

Seven Social Security Tax Examples

[flygalteach]

I've watched two of your videos and understand Social Security better than ALL of the other explanations I've heard on YouTube. Thank you! I'm a subscriber!

[darla]

I find the exception of the term "benefit." This is my money that I paid in starting at age 15!

[charlottecampbell]

I lucked out. Grew up poor and didn't take many retirement options, but got very lucky. Would have been paying taxes on only about $5k a year, the rest was tax free. I moved into a small apartment because it was too much work to keep such a large house clean. And put my house out as a rental. Had to fix a few things before I could rent it out. What I had not been aware of is that once my house became a rental, I was able to deduct most repairs, all property taxes, all insurance payments paid on that house from my taxes. I was paying almost everything I earned on rents to fix it up. Took all my paperwork to a tax accountant, and ended up having NO taxes at all. Also receive a deduction on my taxes for old age and another deduction for being disabled.

My living expenses decreased so much while living in that small apartment that, in a couple of years, I was able to purchase a second house to rent out. I hired a realtor to handle both houses, am fixing up the second house, and have no taxes to pay for this year either. Whatever I'm doing, my tax accountant says it's all legal. So my property values are rising, houses look great, the realty is doing most of the work, and I'm just relaxing.

[SuperMan-bhlq]

Awesome content!!!! I much rather watch these videos than all of the other videos that do not benefit me at all.
Thanks Mr Martinsen. I truly appreciate you providing information that is help to US ALL. Im 53 years old and I was exploring the possibility to retire at 56 but this information is very helpful. I have two choices now...continue to work until 62 or retire at 56 and move to another country.

[christophersfactory]

This is genuinely the best explanation I've seen so far! Good on you, Lane.

[brindacockburn]

Best explanation on SS tax I have seen so far.

[Veronicastyle-]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[tommyboy]

A retired person should not pay taxes
Tax all the corporate entities and billionaires who pay nothing.
It's always on the backs of the little guy.

[rickbolner]

Hi Lane, great stuff, thanks. It would be helpful to confirm that provisional income is the same as combined income. Also, you show their tax due, it would be great to show their standard deduction and whatever other deductions they had times the applicable tax rate to get to that tax due. Again, thanks!

[jimmyp]

Two certainty in this world, death and taxes

[terrybumpass]

Only government can screw it up this much. There are millions of social security recipients who would take on these lower paying jobs, except for the fact that they will pay extra taxes on their social security based on a formula that was put in place and has not been changed since 1984. Simply stop the taxes so that anyone drawing social security will pay the same taxes as anyone else. Government will still draw fica, and empolyers would get some relief.

[joewenzel]

These examples are great and all but do you have the formula you followed to get these results and can you share it with us so we can figure out for our own personal situation?

[Retiredmco]

Lane fantastic 😊 information!! Love all those different scenarios.

[Hendo]

Thank you, Ronald Reagan, for signing into law a tax on social security, putting further strain on Seniors. "Government is the problem"? Yeah, and you were part of it.

[justsayingforafriend]

Why would they tax social security at all??? Don't make sense to me....

[ddenuci]

Provisional income is equal to Gross Income (not including SS) + 50% of SS income.

It looks like there is an error in Example #3 at 2:54 in the Gross Annual Income. THe couple has a combined $3570 in SS Income. That equates to $42, 840 annual. The 401K/IRA withdrawal of $6000/mo, equates to $72, 000. Hence their Gross Annual Income, which he defines as the sum of all these taxable incomes, is $114, 840 (and not $136, 944 as shown in video).

[michaelnewton]

That money was already taxed. Now it's robbery.

[stephenparsons]

Back to the drinking game! Every time he says sochacurity, take a shot.

[notmyfault]

If I've already paid taxes on the money I paid into social security, why do I have to pay taxes again when I get it back?

[puddintayne]

thank you for this video, this really helps me understand