Social Security and Income Taxes – Understanding Provisional Income

When is social security taxable is a question many people want answered as they seek to get a better understanding of their potential taxes in retirement. Taxes on social security retirement income did not exist at the beginning of the program, but changes have made your social security benefit taxation a real possibility. If you are receiving social security and working, or have other income sources in retirement, there is a possibility you could owe taxes on some portion of your social security benefit. In this video we will help you understand the meaning of provisional income and how to calculate your combined income for social security.

https://www.irs.gov/forms-pubs/about-...

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**Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.
All episodes recorded prior to August 16, 2023 were recorded while we were registered at a previous RIA. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information and opinions in these videos are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Advisors Excel. They are given for informational purposes only and are not a solicitation to buy or sell the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice to meet the particular needs of an individual's situation. This is a hypothetical example provided for illustrative purposes only; it does not represent a real life scenario, and should not be construed as advice designed to meet the particular needs of an individuals situation. 00892400 04/21