How Much Income Can You Have in Retirement and Not Pay Taxes?

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How much income can you have while in retirement without paying taxes on it or filing a tax return?

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
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Wrong, the Canadian tax code is as complex or more so than the American.

mariadavis
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Have mine setup to pay little or no taxes at all in retirement. Will retire in 5 yrs, self employed and wife and I both have a IRA’s from prior jobs that have enough in there to take the standard deduction of $29, 200 every year for 15 years and never pay taxes on that tax deferred money. Also both have yearly full funded Roth IRA’s for 20 years that are completely tax free. Also have a Fidelity brokerage account that will be all long term capital gains, and we can take up to $94, 050 out per year at 0% tax. Have about 10% in cash and physical gold. Also both of us will have Social Security. I have run the numbers and with the standard deduction to offset the IRA withdrawl, long term capital gains of a brokerage account, gold which you don’t pay taxes on when you sell and cash, along with Social Security we will never exceed any Social Security or tax threshold to pay any taxes. We have set it up to maximize every dollar invested and keep all of our money. And the state we will reside in has no State income tax.

dufrenesguideservice
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Some examples would have been great for people that don't really get this subject. Especially for those years your retired but not collecting Social Security

johngill
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I can see paying taxes on side jobs, or IRAs, etc, but Soccial Security should be tax free period. it's insane we're paying SS deductions for 50 yeras in my case, and now retiring soon, if I don't play the cards right, I'll have to pay taxes? Ridiculous. Congress should repeal paying taxes on social security.

javacup
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My 80-year-old mother-in-law (TN - no state income tax) has to file even though she does not meet the income threshold, but she does contract sewing and gets a 1099-NEC because she makes over $400. Is there any way around this? She has to pay FICA and then she gets it all back. Frustrating...any suggestions?

thewhites
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Arizona does NOT tax my AZ state retirement or my SSI! It is just enough to make it month to month.

frlouiegoad
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THE lesson! Do not try to earn any money.

frlouiegoad
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You didn't pay taxes on your employers contributions to social security, not really a sham

johngill
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As long as you are under the threshold of the standard deduction. I don't pay taxes, have no withholding, and really do not have to file, but I do file since I live abroad.

thesilentgeneration
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A couple of comments.

1. Calculating the amount of your social security that is counted as taxable income is easily done using the worksheet in the 1040 instructions. You do NOT need to have software or hire someone to do the calculation if you can do simple arithmetic.

2. The source of your income is also a big factor in determining if you have any tax liability. Depending on your total taxable income, a large part or all of your qualified dividends and long term capitol gains may be taxed at 0%. Have a look at the Qualified Dividend and Capitol Gains worksheet in the instructions for form 1040 to see the details.

todddunn
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THEY NEED TO RAISE THAT BASE LINE OR STOP THE SHAM

debbiemcmillin
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If I'm at full retirement age and still work, do i have to include my social security on my tax forms?

katanatac
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I'm a military retiree. I have been searching for data as to the following, without success. How often does the social security administration check what your adjusted annual income is, is it annually? I have 2 pensions, a TSP distribution, and bank savings interest. My goal is to reduce my reporting annual adjustable income, to reduce my social security taxation. I plan on filing for social security in 2 years, when I turn age 70.

puravida
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I don't think I have seen a better explanation of how SS works when you have outside income. And to hear it from people so young was really refreshing.

terrybumpass
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Finally someone that got to the point, answered my questions, and I didn't have to sit through a lot of sponsors and junk.. very professional, loved the channel ❤

telasims
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This nothing more than a promotional commercial. Absolutely a worthless waste of time. Learned NOTHING!!

JSmith
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What if you are a single person 55 years old, with now work income and living on savings and investments? Investments sold once per year as Long Term Capital Gain of around $100, 000. What would be the tax rate of that $100, 000 LTCG? 0% because there is no income? This is my current situation that I am trying to figure out. Thanks, love your videos!

mikelind
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If you have just social security and withdrawing from Roth accounts do you need to file tax return?

andrewroth
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I think our beloved Congress will simplify the taxes and just make ALL SocSec will be taxed as Income! Not to Help us, they will claim they NEED to do it to Save it? It shud Not be taxed at All but i fear they will just make it All Taxed? And it they dont make some changes will Slash Our Benefits but Keep raising Their pay every year!

josephjuno
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Isn't the standard deduction going to be less in 2025? Right now I'm 59 and my standard deduction is $13850 in the 2023 tax year.

ael