I am sorry; there were shortcuts. Deferring means making contributions to plans for Deferred Income (457b).
I am anticipating receiving SSA payments as an addition to my regular income next year, which I have been managing to reduce the taxable part of Taxable Income via my contribution to Deferred Income 457b.
Now, if half of the Social Security collected during the year is added to my income, can I increase my contribution into of 457b by an equivalent amount to offset its impact (from SSA) on taxable income?
As that 454b contribution is likely to remain under some maximum threshold, subject to catch-up allowances for being over 69, what would that maximum be for tax year 2025?
This also would tell me when regular income would be taxed more than it needs to be earned, when SSA payments are now permanently part of the formula, etc...
Thank you!!
