Are Social Security Benefits Taxable? This is How it Works. – Cravitz Financial & Insurance Solutions

Are Social Security Benefits Taxable? This is How it Works.

If your only source of income comes from Social Security you will not have pay any federal taxes. However, if you have other income such as a pension or a withdrawal from an IRA or 401(k) for instance, you may very well have to pay taxes. To determine whether your Social Security is taxable or not you need to determine your provisional income first. In this video, I will explain how to calculate provisional income, and share some examples of how your other income could make your Social Security benefits taxable. Depending on how much other income you have, you may have to pay taxes on up to 85% of your Social Security benefits.

There are 13 states I am aware of that tax Social Security. They all have different rules as to how it works in the particular state. If you live in any of the following states I suggest you make sure you understand how it works in your state: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, West Virginia.


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Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims-paying ability of the issuing company and are not offered by Brookstone Capital Management. Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Ryan Cravitz and/or Cravitz Financial and Insurance Solutions are not affiliated with or endorsed by the Social Administration or any other government agency.

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