How To Calculate Taxes on Your Social Security Benefits

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[BornAgainBride]

No one else, including my Vanguard advisor, seems to see SS taxes this way. They just say it's a flat 85% of your SS income is taxable if you make over the limit in MAGI. They don't divvy it up as you do. Even the SS admin doesn't clarify any fractional way to tax the SS income. Please clarify?

[timgutierrez]

This is the first video of yours I have seen and now I am a subscriber. I love the way you broke this al down to its simplest form. Not only that but I feel confindent in y=in it. A lot of these types of videos the person does a whole lot of hem and hawing, Thank you so much.

[mamacist]

this was exactly what I needed to finally understand how to figure out how much tax I'll be paying. The examples solidified the theories. Thanks so much!

[fierojim]

This is huge. Was going to be trying to configure things to pay the max for the 12% tax bracket in retirement. Now I want to take Social Security when I have spent my 401K down enough to where my Requirement Distributions still keep me to where I pay ZERO FEDERAL INCOME TAX once my wife and I start collecting social security. Again, this is HUGE.

[Mymindsgoingblanknow]

Great video. Broken down nicely between married and single. And one-on-one just you and us.

[al]

Another great video Josh showing a couple and then a single rate, nice way to cover most if not all viewers. I hate RMD's, not going that route.

[CalmerThanYouAre]

It's a shame those who worked their whole lives, saved and invested responsibly and achieved a high income in retirement are looted of wealth they should be receiving and potentially passing to their heirs through this abusive tax system. One shouldn't have to "keep your income low" to avoid a government shakedown worse than the lifetime of paying into social security in the first place.

[johnmarshall]

Excellent video Josh. Understanding social security tax code is key!

[pepster]

Thanks Josh, this is one of your most eye opening videos and I learn something from all of them. If I understand it correctly, If we retire at age 65, you are saying draw down your IRA until you hit 70 and then supplement SSI with IRA from there forward.

[johnscott]

Very good information! It should be noted too that Roth IRA’s do not affect taxation of your Social Security.

[sithbk]

This is the first person that educated me exactly what I am looking for. Loss my job in April of this year. Got deny unemployment benefits since I was recovering From medical surgery that lasted for over 4 months. But I am qualify for SS disability benefits and start receiving pension. Had no choice but to withdrew $65K from my IRA to pay bills. I’m thinking I’m screw with a big tax bill for 2021 tax year even if I’m able to use the Care’s Act that allows me to pay my early withdraw in 3 years without 10% penalty.

Maybe I’ll just pay Josh to help me with my tax. Hmmm, Josh?

[edcollinge]

Great stuff, i had no idea, you have made this very clear to understand, thanks

[darlenebattle]

Thank you so much, Josh, for the valuable info. I was confused about my social security and if I had to pay taxes... mine is under $25, 000 with no other investments. Bless your heart.

[tomm.]

I'll be paying on 85% on my SS when it comes time. It is truly an awful thing to have that much income to where this is the case. Woe is me!

[commonsense]

Thanks for this video. I have to start taking RMDs year after next, and although my SS is probably half of what the single guy in your example is, I've had to pay taxes on 85% of my SS ever since I've started taking it! Lucky for me it can't get any worse than 85%, I guess. It's a ripoff for anyone who has planned reponsibly for their retirement.

[billtisdale]

This will be interesting to compute. Collecting a Military Pension for the last 20yrs, taxable income. Fully retired now and first year with SS. I’ll need to run the numbers, but probably little or no tax after the Std deduction. Be a big jump in 7 years when the RMD kicks in.

[Chuum]

It looked like it would be beneficial to transfer an IRA over to a brokerage account before filing for social security and before pulling funds from such an account. No getting away from the federal pension, but minimizing that taxable base would be nice. This information was very informative and easy to understand.

[whitleyca]

Great stuff here, Josh. Love your channel

[edwardripley]

all that figeration will be different then the SSI when they misslead your TAX in their favor and you scrude.🤑🤑😞.

[alleneverhart]

I am completely confused - why is it bad for me to earn qualified dividends!?