Should I have taxes taken out of my SS and other retirment income?
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Hi Rswag!
I love that you are already planning ahead for next tax season. This is an excellent question. The answer depends on how much income you will have overall. Try this easy-to-use-simulator to see where you will end up. If you file as single, if your only income is SS and it is less than $25,000, it will not be taxable and you will not need to withhold taxes; $32,000 if married filing jointly. The amounts are adjusted for inflation every year, so check back for 2023 rates. Source: https://faq.ssa.gov/en-us/Topic/article/KA-02471
Hi Rswag!
I love that you are already planning ahead for next tax season. This is an excellent question. The answer depends on how much income you will have overall. Try this easy-to-use-simulator to see where you will end up. If you file as single, if your only income is SS and it is less than $25,000, it will not be taxable and you will not need to withhold taxes; $32,000 if married filing jointly. The amounts are adjusted for inflation every year, so check back for 2023 rates. Source: https://faq.ssa.gov/en-us/Topic/article/KA-02471
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