Born Before 1966? 6 Social Security Changes Hitting Age Group In 2027 (Share With Family)

Twenty five thousand dollars if you are on your own. Thirty two thousand if you are married. Go one dollar past that line and the government starts taxing the Social Security you already paid for. Those numbers were written into law in 1983, the tax began in 1984, and not one of them has ever been raised for inflation. In 1984 fewer than one in ten people receiving Social Security paid anything on it. The figure for this year is 48 percent. No new law did that. The line simply stayed where it was while every check went up. This is education, not tax advice. Check your own figures with whoever prepares your return. In this video: 00:00 The line, and who never writes to tell you where you stand 01:40 #1 Twenty five thousand, and what crossing it does 04:00 #2 Half your own benefit goes on the pile first 06:10 #3 The raise is what pushes you over 08:00 #4 One in ten in 1984. Half today 09:40 #5 The one kind of money that stays off the pile 11:00 #6 The new deduction arrives after the sum 11:50 The thread, the limits, and the six said quickly THINGS TO ASK ABOUT / OFFICIAL LINKS: • IRS Publication 915, the rules for taxing benefits — https://www.irs.gov/forms-pubs/about-publication-915 • SSA on income taxes and your benefits — https://www.ssa.gov/benefits/retirement/planner/taxes.html • The SSA research paper on how the share paying has grown — https://www.ssa.gov/policy/docs/issuepapers/ip2015-02.html • Congressional Research Service, taxation of benefits — https://www.congress.gov/crs-product/RL32552 • Free tax help for older people, IRS Tax Counseling for the Elderly — https://www.irs.gov/individuals/irs-tax-volunteers If your mother or father is on a fixed income and has never once done this sum, do it for them in December when the new amount arrives. It takes four minutes. #SocialSecurity #SeniorFinance #RetirementTaxes #Seniors65 #SocialSecurityTax