My friends, welcome to another edition of the Heritage Wealth Planning YouTube channel. After a couple of episodes discussing software and website development, I want to address a pet peeve of mine - social security taxation. This topic is often overlooked by people, which should not be the case. The majority of Americans at retirement rely heavily on Social Security for their income. Social Security is taxed very favorably, as I have mentioned in multiple episodes on my YouTube channel. However, once you exceed a certain income threshold, not only are you subject to federal taxation on your Social Security benefits, but there are also 13 states that tax your Social Security benefits. So, you may think you are exempt from taxes because you don't pay much or any federal tax on your Social Security, but think again. Let's dive right into it. I highly recommend Kiplinger's, as it is a fantastic resource. It is much better than Forbes or Money Magazine, which are filled with self-interested writers. I've noticed that many writers in Forbes have products to sell, and I'm not even sure if they pay to be featured. Maybe I was just ignorant before, but Kiplinger's is truly exceptional. Here's an article by Sandra Block published on February 15, 2018, discussing the 13 states that tax Social Security benefits. I live in Georgia, so let's start there. Georgia does have a state income tax, and I can confirm this because I pay it every year. However, once you reach 65 years old, $65,000 of your income is exempt from taxes. If you're married and filing jointly, you can double that amount to $130,000. This means you can have a total income of $130,000 and not owe a penny to the governor of Georgia, Nathan Deal. It's quite fantastic, isn't...
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2018 taxable social security Form: What You Should Know
Form 3939 is an alternative to Form W-4V that will give you the most information you need about your benefits, including the amount of your income tax payable Use IRS Form 3939 to get all your Form W-4V tax forms from your employer. The IRS Forms 3939 also gives you the option of getting another Form W-4V on its own; see below. You need more information about IRS Form 3939, Information About the Social Security Administration's (FSA) W-4V and Forms 2127 (Social Security), as well as the W-4. See this article to see How to Get IRS Form 3939 If you're already receiving Social Security income, you'll also need a copy of a W-4V. If you're not already receiving Social Security benefits, see the article below for If You Want to Stop W-4V Income Withholding If you want to stop withholding your Social Insurance (FICA) or Medicare taxes from your Social Security benefits, you may have to ask your employer if you can stop. You can ask your employer to stop withholding because you are no longer receiving benefits. The IRS offers a number of options for doing this. You can get one of these options by calling the number on the back of your W-4V, and it applies only if you have to stop withholding Social Security and Medicare taxes from your Social Security benefits. There are a number of possible benefits withheld you don't qualify for. Some benefits that might be withheld include: the Medicare part of a retired person's retirement benefit, federal survivor benefits, or health care benefits that were purchased under a health care reform law. There is a separate form: 1099-SA that can be used by a spouse or other dependent of someone working for income other than wages or salaries during the year. If you have to stop withholding benefits or want to stop a part of Social Security withholding, use Form SSA-1099. Example: you are a self-employed person receiving Social Security and Medicare benefits. You ask your employer to stop withholding Medicare or Social Security taxes from your wages as part of a wage reduction plan on Sept 10, 2018, and you give your employer the notice (Form 1120S).
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