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Soc Sec Qs for Dummies
Old 09-15-2020, 09:04 AM   #1
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Join Date: Nov 2006
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Soc Sec Qs for Dummies

Yes, I learned something. Yes, I know what that means.

A nice overview (single page):
https://www.kiplinger.com/slideshow/...xes/index.html

"You worked hard for your retirement nest egg, so the idea of paying taxes on those savings isn't exactly appealing. If you know what you're doing, you can avoid overpaying Uncle Sam as you start collecting Social Security and making withdrawals (including RMDs) from IRAs and 401(k)s. Unfortunately, though, retirees don't always know all the tax code ins and outs and, as a result, end up paying more in taxes than is necessary. For example, here are 10 questions retirees often get wrong about taxes in retirement. Take a look and see how much you really understand about your own tax situation."

I learned that depending on your "provisional income," up to 85% of your Social Security benefits are subject to federal income taxes. To determine your provisional income, take your modified adjusted gross income, add half of your Social Security benefits and add all of your tax-exempt interest.

An "Unknown - Unknown" if you will. Anybody else find a useful nugget?
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