|
Forums46
Topics551,054
Posts9,888,493
Members88,093
| |
Most Online28,231
Feb 7th, 2025
|
|
|
 Taxes on Social Security
#9195415
03/05/25 08:56 PM
|
Joined: Apr 2008
Posts: 5,267
TPACK
OP
THF Trophy Hunter
|
|
OP
THF Trophy Hunter
Joined: Apr 2008
Posts: 5,267 |
This is a pretty good illustration about how little taxes you actually pay on Social Security in retirement.
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195474
03/05/25 11:22 PM
|
Joined: Jun 2015
Posts: 20,530
Roll-Tide
THF Celebrity
|
|
THF Celebrity
Joined: Jun 2015
Posts: 20,530 |
I watch him fairly regularly. I guess I’m on his algorithm
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195683
03/06/25 01:15 PM
|
Joined: Sep 2013
Posts: 662
Uncle Zeek
Tracker
|
|
Tracker
Joined: Sep 2013
Posts: 662 |
Well, yes, what he's saying is correct for retirees who can get by on SSA with limited IRA or other supplemental income. But most of the tax returns I do for older folks are people who have to continue working during retirement years . . . husband & wife each earning a paycheck turns 85% of their SSA benefits taxable, which translates to a big tax bite on top of the wages or self-employment.
"Decency is not news; it's buried in the obituaries, but it's a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate, probate & taxes AND 07/02 FFL
2250 Morriss Road, Suite 205 Flower Mound TX 75028
972-746-0758 work
zac@artimlegal.com
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195688
03/06/25 01:24 PM
|
Joined: Dec 2007
Posts: 27,516
Concho
THF Celebrity
|
|
THF Celebrity
Joined: Dec 2007
Posts: 27,516 |
I don't know about taxes on SS, but I received my backpay today! 
|
|
|
|
Re: Taxes on Social Security
[Re: Concho]
#9195698
03/06/25 01:50 PM
|
Joined: Oct 2008
Posts: 18,653
68rustbucket
THF Celebrity
|
|
THF Celebrity
Joined: Oct 2008
Posts: 18,653 |
I don't know about taxes on SS, but I received my backpay today! Wife got her direct deposit pending in bank account last night also! Whoop! Still waiting on letter for final additional monthly amount, it starts with April payment.
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195701
03/06/25 02:05 PM
|
Joined: Oct 2008
Posts: 16,117
Tbar
THF Celebrity
|
|
THF Celebrity
Joined: Oct 2008
Posts: 16,117 |
Just started mine. Over half going to taxes, fair share, medicare, supplement plan, drug plan, etc.
Make America Great Again
|
|
|
|
Re: Taxes on Social Security
[Re: Uncle Zeek]
#9195788
03/06/25 04:23 PM
|
Joined: Apr 2008
Posts: 5,267
TPACK
OP
THF Trophy Hunter
|
|
OP
THF Trophy Hunter
Joined: Apr 2008
Posts: 5,267 |
Well, yes, what he's saying is correct for retirees who can get by on SSA with limited IRA or other supplemental income. But most of the tax returns I do for older folks are people who have to continue working during retirement years . . . husband & wife each earning a paycheck turns 85% of their SSA benefits taxable, which translates to a big tax bite on top of the wages or self-employment. Sounds like that's not retirement years to me. But I get it. Lots of people wait too long in life to save for retirement or bad decisions prevented them from being able to save very much if any at all. If you can retire early (62), debt free and still live withing your means, you shouldn't have to pay tax on much, if any of it. Eventually RMD will force many into a higher bracket. You may run, but you can`t hide from the tax man forever. ![[Linked Image]](https://texashuntingforum.com/forum/pics/userpics/2025/03/full-8162-447090-reduce1.jpg)
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195853
03/06/25 06:23 PM
|
Joined: Jan 2009
Posts: 20,335
Judd
#1 Creedmoor Fan
|
|
#1 Creedmoor Fan
Joined: Jan 2009
Posts: 20,335 |
Well, yes, what he's saying is correct for retirees who can get by on SSA with limited IRA or other supplemental income. But most of the tax returns I do for older folks are people who have to continue working during retirement years . . . husband & wife each earning a paycheck turns 85% of their SSA benefits taxable, which translates to a big tax bite on top of the wages or self-employment. Sounds like that's not retirement years to me. But I get it. Lots of people wait too long in life to save for retirement or bad decisions prevented them from being able to save very much if any at all. If you can retire early (62), debt free and still live withing your means, you shouldn't have to pay tax on much, if any of it. Eventually RMD will force many into a higher bracket. You may run, but you can`t hide from the tax man forever. Be awful tough to live in the metroplex on 32,000 and that's even with having no mortgage. Property taxes and insurances (auto +home) at most place will eat up half that...then you have utilities and such. I guess if every dollar you ever saved for retirement was ROTH (which for you youngsters, I wish I had done) then it's a different story but 32k ain't much now days.
Don't let your ears hear what your eyes didn't see, and don't let your mouth say what your heart doesn't feel As much as I hate to admit it, I do like my truck
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195859
03/06/25 06:29 PM
|
Joined: Aug 2005
Posts: 21,647
Sniper John
gumshoe
|
|
gumshoe
Joined: Aug 2005
Posts: 21,647 |
I don't draw SS, so I have never looked into it, but should I assume a pension paying well more than 44,000 a year would also take SS payments into the 85% taxable range?
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195897
03/06/25 08:09 PM
|
Joined: Jan 2010
Posts: 1,914
Hunter-Steve
Pro Tracker
|
|
Pro Tracker
Joined: Jan 2010
Posts: 1,914 |
I fall well above the $44k so this is a big tax bite for me...
|
|
|
|
Re: Taxes on Social Security
[Re: Sniper John]
#9195901
03/06/25 08:15 PM
|
Joined: Sep 2012
Posts: 18,710
Jimbo1
THF Celebrity
|
|
THF Celebrity
Joined: Sep 2012
Posts: 18,710 |
I don't draw SS, so I have never looked into it, but should I assume a pension paying well more than 44,000 a year would also take SS payments into the 85% taxable range? Absolutely. That’s where I am with only my govt pension, in addition to my SS.
Last edited by Jimbo1; 03/06/25 08:31 PM.
Awake - Not Woke!
|
|
|
|
Re: Taxes on Social Security
[Re: Judd]
#9195904
03/06/25 08:27 PM
|
Joined: Apr 2008
Posts: 5,267
TPACK
OP
THF Trophy Hunter
|
|
OP
THF Trophy Hunter
Joined: Apr 2008
Posts: 5,267 |
Well, yes, what he's saying is correct for retirees who can get by on SSA with limited IRA or other supplemental income. But most of the tax returns I do for older folks are people who have to continue working during retirement years . . . husband & wife each earning a paycheck turns 85% of their SSA benefits taxable, which translates to a big tax bite on top of the wages or self-employment. Sounds like that's not retirement years to me. But I get it. Lots of people wait too long in life to save for retirement or bad decisions prevented them from being able to save very much if any at all. If you can retire early (62), debt free and still live withing your means, you shouldn't have to pay tax on much, if any of it. Eventually RMD will force many into a higher bracket. You may run, but you can`t hide from the tax man forever. Property taxes and insurances (auto +home) at most place will eat up half that...then you have utilities and such. I guess if every dollar you ever saved for retirement was ROTH (which for you youngsters, I wish I had done) then it's a different story but 32k ain't much now days. I agree. My intent was to show how SS is taxed though and not surviving on 32K. The couple in the video made 70632.00 on SS though and if it had not been for 19812.00 received from a pension and IRA/ RMD they would have paid no taxes on the social security. Even after making over 90k gross income, they only paid 297.00 total taxes or 0.33%.
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195906
03/06/25 08:32 PM
|
Joined: Sep 2022
Posts: 1,039
duffas
Pro Tracker
|
|
Pro Tracker
Joined: Sep 2022
Posts: 1,039 |
We're both on SS. With medicare/insurance and RMDs, Fed tax is still way too high.
|
|
|
|
Re: Taxes on Social Security
[Re: TPACK]
#9195907
03/06/25 08:34 PM
|
Joined: Sep 2012
Posts: 18,710
Jimbo1
THF Celebrity
|
|
THF Celebrity
Joined: Sep 2012
Posts: 18,710 |
I didn’t realize just how little the taxes are compared to the damn monthly Medicare fee.
Awake - Not Woke!
|
|
|
|
Re: Taxes on Social Security
[Re: Jimbo1]
#9195911
03/06/25 08:51 PM
|
Joined: Jul 2011
Posts: 10,462
Old Rabbit
THF Celebrity
|
|
THF Celebrity
Joined: Jul 2011
Posts: 10,462 |
I don't draw SS, so I have never looked into it, but should I assume a pension paying well more than 44,000 a year would also take SS payments into the 85% taxable range? Absolutely. That’s where I am with only my govt pension, in addition to my SS. That is the boat the wife and I are in. Between my SS, her TRS Pension, taxable interest and her substitute teaching pay (she is 5 years younger than me) my SS is taxed at 85%.
|
|
|
|
Re: Taxes on Social Security
[Re: Sniper John]
#9195919
03/06/25 09:08 PM
|
Joined: Jan 2013
Posts: 19,874
Pitchfork Predator
THF Celebrity
|
|
THF Celebrity
Joined: Jan 2013
Posts: 19,874 |
I don't draw SS, so I have never looked into it, but should I assume a pension paying well more than 44,000 a year would also take SS payments into the 85% taxable range? Yes.
|
|
|
Moderated by bigbob_ftw, CCBIRDDOGMAN, Chickenman, Derek, DeRico, Duck_Hunter, kmon11, kry226, kwrhuntinglab, Payne, pertnear, sig226fan (Rguns.com), Superduty, TreeBass, txcornhusker
|
