Did you know your Social Security benefits in retirement could be 100% tax-free? 

Perhaps you didn’t even know Social Security would be taxable as many of you paid into the system for decades!

Today we will unpack how Social Security retirement benefits are taxed, and most importantly how to reduce taxes on those benefits in retirement.

A few notes for the listeners:

Provisional Income / Social Security Tax Rates for 2023

Individual

• Not Taxable: Less than $25k
• Up to 50% Taxable: $25k-$34k
• Up to 85% Taxable: Over $34k

 Married Filing Jointly

• Not Taxable: Less than $32k
• Up to 50% Taxable $32k-$44k
• Up to 85% Taxable: More than $44k

A helpful Kitces.com article

https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/

~Kevin

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This is for general education purposes only and should not be considered as tax, legal, or investment advice.