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November 16, 2022
Question

How will taking Social Security in July this year effect my taxes?

  • November 16, 2022
  • 1 reply
  • 14 views

How will taking Social Security in July this year effect my taxes?

      1 reply

      KarenL4
      Level 6
      KarenL4Level 6
      Level 6
      November 16, 2022

      Hi, 

      This answer assumes you are of retirement age.  If you are, the amount of your social security benefits are not reduced, regardless of your income.  However, the portion of those benefits that are taxable is impacted by your income.  This article does a good job of explaining that.

      After considering the taxability of your social security, you may want to consider having income taxes withheld. Here is information about how to do that.

      Please cheer below if this was helpful!

      Best,

      Karen

      **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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