Filing Taxes in 2023? Here's How Your Social Security Will Be Taxed
A lot of rumors swirling around Social Security. More specifically, how Social Security is taxed. You were already taxed with FICA taxes to earn Social Security, and now it can be taxed again?
The answer is yes, up to 85% of your Social Security income may be taxable. We'll walk you through how it all works.
Watch the updated video here:
• Here's How Much Will Your Social Secu...
Download the Worksheet Used in the Video:
https://theretirementnerds.com/social...
If you would like the financial advisors here to go through your situation with the spreadsheet, always at no cost, you can connect with us at https://theretirementnerds.com/ or send me an email to [email protected]
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Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
Chapters:
0:00 Introduction
0:49 How Much Is Taxable?
2:23 Calculating Your Taxes
3:26 2 Calculations
3:42 Calculation #1
4:39 Calculation #2
5:28 Scenario 1 : 0% Taxable
6:38 Scenario 2 : 16% Taxable
8:41 Scenario 3 : 85% Taxable
10:49 Recap
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