Social Security income can be either nontaxable or taxable, depending on how much other income you have. This video attempts to explain at what point Social Security becomes taxable and how the taxable amount is calculated. Warning: Math ahead!
Did you receive a lump sum Social Security Payment covering several years? If so, to learn about an alternative method of calculating how of the lump sum is taxable, click here: [ Ссылка ]
Resources:
IRS Publication 17: "Your Federal Income Tax": [ Ссылка ]
IRS Publication 915: "Social Security and Equivalent Railroad Retirement Benefits": [ Ссылка ]
IRS Publication 554: "Tax Guide for Seniors": [ Ссылка ]
Social Security Amendments of 1983: [ Ссылка ]
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube Audio Library
DISCLAIMER:
The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.
The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.
