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It's tax season, and if you're one of the more than 70 million people in the United States receiving Social Security benefits, you probably have questions about how they affect your taxes. Social...
The federal government began taxing Social Security benefits with the 1984 tax year, but it wasn’t until 1993 that tax rates and income thresholds were set to what today’s seniors are expected ...
While you may know that the deduction for Social Security taxes on your pay stub funds Social Security benefits for the current generation of retirees, that money serves another purpose, too --...
The transfer of the settlor's assets to the bypass trust for the benefit of the spouse is a tax-free transfer under the currently unlimited Marital Deduction. At the settlor's death, the assets in the bypass trust are not included in the settlor's estate, effectively reducing the total value of the estate and therefore potentially limiting the ...
If you are collecting Social Security benefits during retirement or you receive survivor or disability benefits through Social Security, you could be liable for income taxes on a portion of those...
If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday. You’ll need to provide the deceased person ...
To determine whether your benefits are taxable in a given year, you need to calculate what the Social Security Administration (SSA) calls your combined income, which includes your adjusted gross ...
Of course, with Social Security benefits rising 3.2 percent in 2024 and a further 2.5 percent in 2025 while those tax-free thresholds stay the same, it’s even harder to avoid paying taxes on ...