Title | : | How To Calculate Taxes on Your Social Security Benefits |
Lasting | : | 23.14 |
Date of publication | : | |
Views | : | 49 rb |
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Holy cow 100k wow who gets that fir ss a doctor? Comment from : bruce eigsti |
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Zero for us we will take at 67 around 4500 a month all are IRAs tax free so wint count Comment from : bruce eigsti |
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So, you get a marriage penalty applied to you by the government Instead of $68,000 (two times the single rate of $34,000) being the point at which youbrstart paying up to 85 of your SS benefits as taxable, it is $44,000 for those who are married Comment from : carl sanders |
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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 Comment from : Darlene Battle |
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When figuring "combined income", that includes a working spouse income, correct? Assuming I file married jointly Am I better to file separately if spouse makes over 50k/year? Comment from : GodIsGood |
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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! Comment from : mamacist |
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Clear and concise But standard deduction is inaccurate in your models Comment from : Ted Zimmermann |
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thanks Josh, the calculations were helpful, it was a little confusing on what is considered taxable income, it seems RMD, IRA's are included in the calculations What about military retirement income, 401Ks, 503 bs? thanks again Comment from : paul g |
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The only issue here is not being able to calculate how much social security will be available after the next 10 years Comment from : Jay Shaw |
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what tax program are you using ? thanks Comment from : bill |
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Your wrong! All your math doesn’t matter, because Scott will be dead before he reaches the age of 80! Enjoy your money and benefits while your are younger even if you pay some tax on it, because it does you no good when your dead! 😂 Comment from : Bofat |
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Excellent video as always! Question please: How doe the formula's work if you have reached FRA? Comment from : Phillip Kelley |
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If you're trying to gain a following, lose that hat Comment from : Stephen Beaver |
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Thanks! Comment from : Tim Walsh |
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the saddest part is that none of these rats in congress ever talk about adjust the amounts in calculating our SS!!!! lets vote for it or throw them out all these rats!!! Comment from : extranjeroviajero |
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ok, so in the " single " example, and that Income is 50,000, which he is saying is only social security where on earth did this person work that they are drawing over 4,000 each month in social security ??? is he still single ??? cause I need to meet this guy ! Comment from : Jo Money |
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RMD is usually how many ? Comment from : Yanni P |
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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! Comment from : Tom M |
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I liked the first part,, thank you,brbrBut i dont get it, at the end why does he mysteriously suddenly have no taxes?? Whats a Qualified dividend and what? What? Comment from : sz |
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Please show the information on the tax forms not a white board Comment from : M B |
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That is what I was looking for Comment from : Al Pepitone |
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how in the heck can a 70 year old couple get 6 figures as income Comment from : Ralph Nabozny |
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7:23 - You mean 12000 'multiplied' by 05 and not 'divided' by 05 Comment from : Manish Sabu |
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Great stuff, i had no idea, you have made this very clear to understand, thanks Comment from : Ed Collinge |
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I am completely confused - why is it bad for me to earn qualified dividends!? Comment from : allen everhart |
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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 Comment from : Common Sense |
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Social Security should not be taxed at all politicians are crooks Tax on a tax Comment from : OnlywenIlaugh |
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Good VideobrbrI am helping a single person that is on SS with a retirement account I am going to calculate the maximum she can take out without any tax and either put it in a taxable investment account or into a ROTH IRA account At RMD, the amount will be less, but my goal is to get it to zerobrbrIt would be interesting to do this for your example Comment from : Harold Hechinger |
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Time to study up Thanks Josh Comment from : ramman347 |
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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 brbrMaybe I’ll just pay Josh to help me with my tax Hmmm, Josh? Comment from : sithbk 007 |
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How do you make $100k off social security???? Comment from : M B |
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So I get punished for saving and investing while irresponsible people never invested so I have to pay more tax on SS? Comment from : Stroker Ace |
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Very good information! It should be noted too that Roth IRA’s do not affect taxation of your Social Security Comment from : John Scott |
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Excellent video Josh Understanding social security tax code is key! Comment from : John Marshall |
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You lost me What if I have a 36,000 pension that I have to pay Federal and A state tax of 425 I'm thinking I'm screwed and have to pay 85 Federal Tax on my SSA ? My state does not tax my SSA My SSA will be a little over 25k a year Comment from : Ron spangle |
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Why does the worksheet in Publication 915 yield a lower number than what appears obvious from teh information presented here? There appears to be an error in the worksheet on line 13 or 14 of the worksheet The highlighted word (smaller) should be (larger) Comment from : William Evans |
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Great video Broken down nicely between married and single And one-on-one just you and us Comment from : Paul Raybone |
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Great stuff here, Josh Love your channel Comment from : whitleyca |
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Do have any recommendations for free retirement planning tools? I realize you're in the business of providing a paid service, but not all of us are a position to spend that much or are just interested, at the moment at least, in analyzing what-if scenarios Comment from : Jim |
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You are the best! Comment from : Patrick lee |
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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 Comment from : Jim Moffitt |
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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 Comment from : John Kimber |
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Great video👍 Comment from : Bruce D |
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Long story short: your taxes are low Live within your meansbrThe USA is #17 on the highest taxed countries The other countries paying more are happier Go figure Comment from : Stephen Harper |
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Thank you Josh for bringing out the trusty white board to drive home this very important concept! Comment from : Jerry D |
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Way too long ? Comment from : MARK COLEMAN |
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What? Comment from : MARK COLEMAN |
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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 Comment from : Thomas P |
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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 Comment from : Bill Tisdale |
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Josh does SSDI income work the same? Comment from : Think Ahead |
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Good analysis Josh Comment from : MJ Stormes |
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💕💕💕💕!!!! Comment from : Linda D |
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