Archive - December 22, 2009

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The Outrageous Effect of Taxation of Social Security Benefits

The Outrageous Effect of Taxation of Social Security Benefits

As you may be well aware, Social Security retirement benefits can be taxable to you, depending upon how much other income you have.  What you may not be aware of is how this can seriously increase your tax rate for small amounts of additional income.centralparkbySeamusMurray_thumb

Provisional Income

So – in order to calculate how much of your Social Security benefit is taxable, it is necessary to determine the amount of your “provisional income” – which is your MAGI plus 1/2 of your Social Security benefit plus any tax-exempt income you’ve received.  If you are married and filing jointly (MFJ) and… Read More

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