Social Security Federal Income Tax

Social Security is taxed based on your other income besides Social Security. If you only live off Social Security, you pay little or no income tax. If you have a small other income, you still pay little income tax on your other income and your Social Security. With a substantial other income, 85% of your Social Security counts in the calculation of your taxable income. This is an important number to know when we do cash flow planning, tax planning, and IRA distribution planning for retirees. I go into a more in depth look at this topic in the video above.

Show Notes: https://cardinalguide.com/wp-content/...

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