Social Security Tax: Unadjusted Thresholds & Tax Relief
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
In 1984, Social Security benefits became taxable, with thresholds set at $25,000 and $32,000. However, these thresholds have not been adjusted for inflation, leading to half of all beneficiaries now paying taxes on their benefits. The IRS calculates taxes based on combined income, with up to 85% taxed for high earners. A new deduction offers some relief, but frozen thresholds continue to push more retirees into taxable territory. Strategies like pulling from Roth accounts first or using charitable donations can help minimize tax exposure.
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