In today's video, we will continue the discussion on Social Security benefits. Specifically, we will talk about how and when Social Security benefits are taxed. When I mention social security taxation, I am referring to the taxation of your actual Social Security benefits, not the FICA payroll tax. During your working career, you contribute to the system through your FICA tax, with 6.2 percent going towards Social Security and your employer contributing another 6.2 percent. If you are self-employed, you are responsible for both contributions, totaling 12.4 percent. However, this is not what we are discussing here. We are focusing on taxes on your benefits in retirement. Whether your Social Security benefits are taxed or not depends on your provisional income. Provisional income is an IRS term and there is a specific formula used to determine if your benefits will be subject to taxation. Let's take a look at the provisional income formula. This formula considers various sources of income, including taxable investments such as stocks, bonds, and mutual funds. It also includes earned income, rental income, and interest earned from municipal bonds, even though municipal bonds are exempt from federal tax. The formula also takes into account the assets in your tax-deferred bucket, which could include retirement accounts like a 401k or IRA, as well as a pension. Additionally, 50% of your annual Social Security benefit is added to the calculations. Adding these numbers together gives you your provisional income number. If you have no retirement accounts, no pension, and no earned income, your Social Security benefit will not be taxed. However, if you have done a good job of saving and preparing for retirement, it is highly likely that your Social Security benefits will be subject to taxation. For single individuals, if their provisional income exceeds $25,000, 50% of their...
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Irs Social Security Worksheet 2023 Form: What You Should Know
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