Stay in touch with an Investment-Adviser. Based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised more than a million since 2021. Just bought my 3rd property for rental. Credit to Brianna Mckee Harris.. my Investment-Adviser. Most likely, the internet should have her basic info, you can research if you like
@@AmFaucher255 Awesome! Your capacity appears unbounded. I recently saw the professional's website and have already wrote to her since I'm captivated by investing and excited to take advantage of this chance.
You are so right. Every one of these 'financial advisory' threads is a total scam. People are just too gullible to see them for what they are. Sad.@@johnscott2746
Finally someone that got to the point, answered my questions, and I didn't have to sit through a lot of sponsors and junk.. very professional, loved the channel ❤
I don't think I have seen a better explanation of how SS works when you have outside income. And to hear it from people so young was really refreshing.
Some examples would have been great for people that don't really get this subject. Especially for those years your retired but not collecting Social Security
A couple of comments. 1. Calculating the amount of your social security that is counted as taxable income is easily done using the worksheet in the 1040 instructions. You do NOT need to have software or hire someone to do the calculation if you can do simple arithmetic. 2. The source of your income is also a big factor in determining if you have any tax liability. Depending on your total taxable income, a large part or all of your qualified dividends and long term capitol gains may be taxed at 0%. Have a look at the Qualified Dividend and Capitol Gains worksheet in the instructions for form 1040 to see the details.
@@crand20033 Medicare premiums are like any other expense such as your monthly liquor bill. They have no effect on your taxes. In other words, 100% of your social security benefit is used in calculating how much of your social security income is taxable. Note that taxable is not the same as taxed.
Have mine setup to pay little or no taxes at all in retirement. Will retire in 5 yrs, self employed and wife and I both have a IRA’s from prior jobs that have enough in there to take the standard deduction of $29,200 every year for 15 years and never pay taxes on that tax deferred money. Also both have yearly full funded Roth IRA’s for 20 years that are completely tax free. Also have a Fidelity brokerage account that will be all long term capital gains, and we can take up to $94,050 out per year at 0% tax. Have about 10% in cash and physical gold. Also both of us will have Social Security. I have run the numbers and with the standard deduction to offset the IRA withdrawl, long term capital gains of a brokerage account, gold which you don’t pay taxes on when you sell and cash, along with Social Security we will never exceed any Social Security or tax threshold to pay any taxes. We have set it up to maximize every dollar invested and keep all of our money. And the state we will reside in has no State income tax.
Fun part is SS tax threshold is not adjusted to inflation. I read it was set 40 plus years ago. $32000 for joint filers. What a joke in today’s cost of living?
As long as you are under the threshold of the standard deduction. I don't pay taxes, have no withholding, and really do not have to file, but I do file since I live abroad.
I'm a military retiree. I have been searching for data as to the following, without success. How often does the social security administration check what your adjusted annual income is, is it annually? I have 2 pensions, a TSP distribution, and bank savings interest. My goal is to reduce my reporting annual adjustable income, to reduce my social security taxation. I plan on filing for social security in 2 years, when I turn age 70.
None of the income sources you mentioned are subject to social security or medicare tax. You only pay those taxes on employment income (wages, self employment, etc.).
My 80-year-old mother-in-law (TN - no state income tax) has to file even though she does not meet the income threshold, but she does contract sewing and gets a 1099-NEC because she makes over $400. Is there any way around this? She has to pay FICA and then she gets it all back. Frustrating...any suggestions?
What if you are a single person 55 years old, with now work income and living on savings and investments? Investments sold once per year as Long Term Capital Gain of around $100,000. What would be the tax rate of that $100,000 LTCG? 0% because there is no income? This is my current situation that I am trying to figure out. Thanks, love your videos!
I can see paying taxes on side jobs, or IRAs, etc, but Soccial Security should be tax free period. it's insane we're paying SS deductions for 50 yeras in my case, and now retiring soon, if I don't play the cards right, I'll have to pay taxes? Ridiculous. Congress should repeal paying taxes on social security.
Thank you for the insightful information. My mother's only source of income is her retirement which is quite high and above the threshold. Doe she have to pay for taxes on her retirement income?
What would be the best way to create an income stock portfolio in a taxable account to cover my bills and pay the least amount of taxes possible? I put money in my ROTH as well but I don’t want to wait until I’m 59 1/2 in order to use dividends to pay for my lifestyle
No. You can't exceed the current thresholds that make some of your social security taxable income with social security alone and Roth withdrawals are not taxable income as long as you are over 59.5 and have held the Roth for at least 5 years. You may want to file a return if you are entitled to any refundable credits.
I think our beloved Congress will simplify the taxes and just make ALL SocSec will be taxed as Income! Not to Help us, they will claim they NEED to do it to Save it? It shud Not be taxed at All but i fear they will just make it All Taxed? And it they dont make some changes will Slash Our Benefits but Keep raising Their pay every year!
Whatif you get inheritance and do they take your ssi away or my ss away because i sold the house for 22k and do i lose my Medicaid too.i need help and do you pay tax on inheritance
Good Lord. You’d have to be living in Ted Kaczynski’s cabin to remain under a $32K standard deduction cap. My FRA Social Security benefit alone (which I haven’t taken yet) is north of $3,600. Your target audience must be living in a van, down by the river.
what if it is your only income?
Stay in touch with an Investment-Adviser. Based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised more than a million since 2021. Just bought my 3rd property for rental. Credit to Brianna Mckee Harris.. my Investment-Adviser. Most likely, the internet should have her basic info, you can research if you like
@@AmFaucher255 Awesome! Your capacity appears unbounded. I recently saw the professional's website and have already wrote to her since I'm captivated by investing and excited to take advantage of this chance.
Scam thread! Please be aware!
You are so right. Every one of these 'financial advisory' threads is a total scam. People are just too gullible to see them for what they are. Sad.@@johnscott2746
Finally someone that got to the point, answered my questions, and I didn't have to sit through a lot of sponsors and junk.. very professional, loved the channel ❤
I don't think I have seen a better explanation of how SS works when you have outside income. And to hear it from people so young was really refreshing.
Some examples would have been great for people that don't really get this subject. Especially for those years your retired but not collecting Social Security
A couple of comments.
1. Calculating the amount of your social security that is counted as taxable income is easily done using the worksheet in the 1040 instructions. You do NOT need to have software or hire someone to do the calculation if you can do simple arithmetic.
2. The source of your income is also a big factor in determining if you have any tax liability. Depending on your total taxable income, a large part or all of your qualified dividends and long term capitol gains may be taxed at 0%. Have a look at the Qualified Dividend and Capitol Gains worksheet in the instructions for form 1040 to see the details.
If I am paying the Medicare premium of about $150 per month do I add my monthly income up including that or without that.
@@crand20033 Medicare premiums are like any other expense such as your monthly liquor bill. They have no effect on your taxes. In other words, 100% of your social security benefit is used in calculating how much of your social security income is taxable. Note that taxable is not the same as taxed.
@@todddunn945 So my income would include the Medicare payment which is excluded from the Medicare payment before they put it in my bank account?
Arizona does NOT tax my AZ state retirement or my SSI! It is just enough to make it month to month.
Have mine setup to pay little or no taxes at all in retirement. Will retire in 5 yrs, self employed and wife and I both have a IRA’s from prior jobs that have enough in there to take the standard deduction of $29,200 every year for 15 years and never pay taxes on that tax deferred money. Also both have yearly full funded Roth IRA’s for 20 years that are completely tax free. Also have a Fidelity brokerage account that will be all long term capital gains, and we can take up to $94,050 out per year at 0% tax. Have about 10% in cash and physical gold. Also both of us will have Social Security. I have run the numbers and with the standard deduction to offset the IRA withdrawl, long term capital gains of a brokerage account, gold which you don’t pay taxes on when you sell and cash, along with Social Security we will never exceed any Social Security or tax threshold to pay any taxes. We have set it up to maximize every dollar invested and keep all of our money. And the state we will reside in has no State income tax.
THE lesson! Do not try to earn any money.
Legally. Unless u.r a billionaire in that case. 0 income tax.
Fun part is SS tax threshold is not adjusted to inflation. I read it was set 40 plus years ago. $32000 for joint filers. What a joke in today’s cost of living?
As long as you are under the threshold of the standard deduction. I don't pay taxes, have no withholding, and really do not have to file, but I do file since I live abroad.
Thanks forcthese informative video
I'm a military retiree. I have been searching for data as to the following, without success. How often does the social security administration check what your adjusted annual income is, is it annually? I have 2 pensions, a TSP distribution, and bank savings interest. My goal is to reduce my reporting annual adjustable income, to reduce my social security taxation. I plan on filing for social security in 2 years, when I turn age 70.
None of the income sources you mentioned are subject to social security or medicare tax. You only pay those taxes on employment income (wages, self employment, etc.).
THEY NEED TO RAISE THAT BASE LINE OR STOP THE SHAM
My 80-year-old mother-in-law (TN - no state income tax) has to file even though she does not meet the income threshold, but she does contract sewing and gets a 1099-NEC because she makes over $400. Is there any way around this? She has to pay FICA and then she gets it all back. Frustrating...any suggestions?
What if you are a single person 55 years old, with now work income and living on savings and investments? Investments sold once per year as Long Term Capital Gain of around $100,000. What would be the tax rate of that $100,000 LTCG? 0% because there is no income? This is my current situation that I am trying to figure out. Thanks, love your videos!
Cash only. It works.
I can see paying taxes on side jobs, or IRAs, etc, but Soccial Security should be tax free period. it's insane we're paying SS deductions for 50 yeras in my case, and now retiring soon, if I don't play the cards right, I'll have to pay taxes? Ridiculous. Congress should repeal paying taxes on social security.
You didn't pay taxes on your employers contributions to social security, not really a sham
Good point!
Thank you for the insightful information. My mother's only source of income is her retirement which is quite high and above the threshold. Doe she have to pay for taxes on her retirement income?
Wrong, the Canadian tax code is as complex or more so than the American.
Do you have to pay FICA for any income (part time work), while still below having to pay taxes
If I'm at full retirement age and still work, do i have to include my social security on my tax forms?
Yes because he just said you have to add it to your income and if it totals to more than $25000 you have to pay taxes on your ss.
@@crand20033 I was hoping not to but I guess I'll have to.
I’m screwed, I’ll be paying considerable taxes.
What would be the best way to create an income stock portfolio in a taxable account to cover my bills and pay the least amount of taxes possible? I put money in my ROTH as well but I don’t want to wait until I’m 59 1/2 in order to use dividends to pay for my lifestyle
can you get tax refund if you are retire and doing small withdrawal but don't meet tax threshold???
Isn't the standard deduction going to be less in 2025? Right now I'm 59 and my standard deduction is $13850 in the 2023 tax year.
If you have just social security and withdrawing from Roth accounts do you need to file tax return?
Yes
No. You can't exceed the current thresholds that make some of your social security taxable income with social security alone and Roth withdrawals are not taxable income as long as you are over 59.5 and have held the Roth for at least 5 years. You may want to file a return if you are entitled to any refundable credits.
You should use a whiteboard .
Nice presentation and I agree with a previous commenter regarding the direct information sans the ads. But this is still like toilet paper math to me.
I think our beloved Congress will simplify the taxes and just make ALL SocSec will be taxed as Income! Not to Help us, they will claim they NEED to do it to Save it? It shud Not be taxed at All but i fear they will just make it All Taxed? And it they dont make some changes will Slash Our Benefits but Keep raising Their pay every year!
Very useful information. However, some graphs / charts would have made it much more understandable.
Whatif you get inheritance and do they take your ssi away or my ss away because i sold the house for 22k and do i lose my Medicaid too.i need help and do you pay tax on inheritance
why they dont want you to be buffet.
Good Lord. You’d have to be living in Ted Kaczynski’s cabin to remain under a $32K standard deduction cap. My FRA Social Security benefit alone (which I haven’t taken yet) is north of $3,600. Your target audience must be living in a van, down by the river.
You're confusing. Sorry to say.
This nothing more than a promotional commercial. Absolutely a worthless waste of time. Learned NOTHING!!
You need to get to the point you repeated yourself over and over