Where's My Money? by Bob Carlson
Author:Bob Carlson
Language: eng
Format: epub
Publisher: Regnery Capital
Published: 2020-12-15T00:00:00+00:00
Tax Planning in the Social Security Benefits Tax Zone
If your Social Security benefits may be taxed, you need to review tax-planning options. Tax planning is especially important when youâre in the income range that carries a high marginal tax rate on each additional dollar of income. It can be upsetting to realize only after completing your income tax return that some actions you took during the year significantly increased the amount of your Social Security benefits that were taxed and that different actions could have reduced the amount of benefits taxed.
Tax-planning strategies are most important for people whose income is approaching the level at which benefits are taxed up to the amount of MAGI at which the maximum amount of benefits are included in gross income. At that point, close to the maximum percentage of benefits is taxed. This is the Social Security Benefits Tax Zone. People with lower incomes only need to worry about avoiding any sudden increases in income, such as large asset sales, that would trigger the tax. And people with higher incomes canât do much to reduce the tax burden on their benefits. If your income is high enough that close to 85 percent of your benefits are included in gross income, you may be able to reduce that percentage a little bit, but not substantially. But there are a lot of people whose income is in the middle, and they may be able to reduce the amount of their benefits that is taxed substantially, even if they canât eliminate taxes on their benefits altogether.
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