#5. My Social Security Income Hurts When I File My Taxes
Ask Rusty: Your Social Security Advisor · The AMAC Foundation
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Show Notes
Dear Rusty: I am getting hammered with taxes on my Social Security (SS). I am retired and draw a meager work pension and SS benefits. When my wife and I filed our joint tax return we owed the IRS a substantial amount of money – they took 85% of my SS in taxes. We are just barely over the minimal amount of income allowed for SS tax exemption. Is there anything I can do so I do not have to pay all this money at once at the end of the year? I didn’t get any tax advice when I started drawing my SS and the guy who prepared our tax return couldn’t have cared less. No one ever told me that I would get double-taxed on the SS that I worked so hard for. Any help or advice is appreciated, I cannot take another hit like this again. Signed: Double-Taxed