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Video instructions and help with filling out and completing taxable social security benefits worksheet 2021

Instructions and Help about taxable social security benefits worksheet 2021

So if you're trying to reduce the impact of the Social Security tax torpedo it's important to understand how Social Security taxable income is calculated one way to do this is to visualize that all of your income goes into a bucket and as the amount of that income exceeds certain certain thresholds a higher portion of your Social Security benefits become taxable so at this first threshold all of your income below that all of your social security is tax-free as you exceed this first threshold your social security becomes 50% taxable then you exceed the top threshold it's 85% taxable the thresholds are going to be different depending upon whether or not you're a single individual or a married couple so single taxpayers basically the first threshold is $25,000 the top threshold is 34,000 now married couples as long as they're filing jointly their thresholds are going to be higher so for a married couple it's 32,000 that's the first threshold the second threshold is 44,000 so again if the total income is under this first threshold for a married couple the Social Security's tax-free when it exceeds that threshold then it's going to be taxable at different percentages depending upon which threshold they're at now here's the key about this not all of the income is treated the same way as it goes into the bucket and in fact some sources of income don't go into the bucket at all so first of all here's something very important Social Security benefits only 50% of the money you receive from Social Security goes into this bucket a hundred percent of the money that you receive from your Irish 401ks you're supp IRAs or 403b 's any of the traditional tax deferred retirement plans a hundred percent of the money that you withdraw from those plans ends up in this bucket only 50% of your Social Security benefits end up in the bucket now if you think about that if a higher portion of your total overall income was made up of Social Security the taxable portion of your Social Security benefits would be lower that's something that's very important to understand when you're planning your retirement income because it can have a great impact on the amount of taxes that you're going to pay on your Social Security benefits now there's another thing that's important to consider and that is is that some sources of income don't go into this bucket at all so as an example any of the dollars that you might receive from a Roth IRA none of that money goes into this bucket there's a few other instruments as well that are not included withdrawals and cash value loans from certain forms of permanent life insurance reverse mortgages to name a few the important thing to know is is that not all of your income is treated the same way that source coming from your IRA and 401k that's counted the heaviest against.