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Retirement tax questions
If you entered the information correctly, you will be taxed differently on each year you received the lump payments for. For an example, if you entered four year of lump sum payments, the tax assessed will be different for each year unless the AGI was the same for each year or nearly the same.
For an example, if your combined income plus one-half of you SS income is above $34,000 in 2022, then you may be assessed the 85% taxable income rate. If your combined income was say $25,000(which includes 1/2 of your SS income), then tax will be assessed up to 50% of the taxable income rate.
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‎January 24, 2023
6:55 PM