The IRS may tax your Social Security benefits, at least in part, but California does not.
After working for many years, we are finally entitled to Social Security. But it’s still taxed by the IRS, even though we already paid taxes on our income before?The Social Security Act and related laws were passed for certain purposes: Provide for the material needs of individuals and families; protect older people and those with disabilities against the costs of illness that could eat up their savings; keep families together; and give children the chance to grow up healthy and secure.
The reality is we often pay taxes when we withdraw monies from retirement accounts. So, yes, the IRS may tax your Social Security benefits, at least in part, but if it is of some solace, California does not. While Social Security income generally is taxable at the federal level, what you have to pay depends upon your income level. If you are single, for example, and your income exceeds $25,000, part of your benefits may be taxable. If you are married, filing jointly, and the total exceeds $32,000, then part of your Social Security may be taxable.
It is most prudent to consult with a qualified tax professional about these issues. This column simply cannot provide all the material information you should consider, but below is further, hopefully useful, information.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Republicans Keep Saying the Quiet Part Out Loud': Pence Calls for Privatizing Social SecurityFormer Vice President Mike Pence, a possible 2024 presidential candidate, has voiced support for a Social Security privatization scheme that the George W. Bush administration unsuccessfully pushed nearly two decades ago.
Read more »
Letter: Social Security change could have big impactA Bartlett letter to the editor: A few comments on the letter by Paul Compton on a Social Security fix.
Read more »
Twitter flags Biden tweet accusing GOP of wanting to cut Social Security, MedicareTwitter flagged a tweet Sunday from President Biden that claimed Republicans threatened to cut Social Security and Medicare – a popular White House notion on the debt ceiling.
Read more »
Social Security update: First payments for February worth up to $4,194 arriving in two daysThe first Social Security payments for the month of February, worth up to $4,194, will begin arriving in two days.
Read more »
Biden White House Blasts Manchin-GOP Push for Social Security 'Death Panel'The administration is 'absolutely right,' said one advocacy group. 'The TRUST Act is a ploy to gut Social Security and Medicare behind closed doors.'
Read more »
White House Slams Manchin-GOP Push for Social Security, Medicare CommissionsThe TRUST Act is a ploy to gut Social Security and Medicare behind closed doors, says one progressive advocacy group.
Read more »