Ep. 20 - How to Reduce Taxes on your Social Security Income

<p>Did you know your Social Security benefits in retirement could be 100% tax-free? Perhaps you didn&#39;t even know Social Security would be taxable as many of you paid into the system for decades!</p> <p><br></p> <p>Today we will unpack how Social Security retirement benefits are taxed, and most importantly how to reduce taxes on those benefits in retirement. </p> <p><br></p> <p>A few notes for the listeners:</p> <p><br></p> <p>Provisional Income / Social Security Tax Rates for 2023</p> <p><strong>Individual </strong></p> <ul> <li>Not Taxable: Less than $25k</li> <li>Up to 50% Taxable: $25k-$34k</li> <li>Up to 85% Taxable: Over $34k</li> </ul> <p>         <strong>Married Filing Jointly</strong></p> <ul> <li>Not Taxable: Less than $32k</li> <li>Up to 50% Taxable $32k-$44k</li> <li>Up to 85% Taxable: More than $44k </li> </ul> <p> A helpful Kitces.com article</p> <p><a href="https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/">https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/</a></p> <p><br></p> <p><br></p>