It is exceedingly difficult to evade the long arm of the taxman.
Even though seniors have cause to celebrate thanks to the temporary senior income tax reduction (good through 2028), many retirees still owe taxes. That’s even true of income from Social Security benefits. Earn too much money — even by simply making withdrawals from some types of retirement plans — and you can end up owing income taxes on your Social Security benefits.
According to the Social Security Administration (SSA), about 40% of people who receive benefits owe taxes on them.
Whether you owe taxes on these benefits depends on what the government calls your “combined income.”…
Read the full article at MONEYTALKSNEWS.COM
