Paying Taxes On Social Security Benefits

People are often confused about whether they have to pay taxes on their Social Security benefits.  There are some people that do have to pay taxes on the Social Security benefits they receive.  This usually impacts people who have a significant amount of other income that they report on their tax returns on top of their Social Security benefits.  How much a person’s Social Security benefits will be taxed often depends on their individual circumstances.  This article provides information about the guidelines that the IRS has put out to help people figure out where they stand on the taxability of their benefits.  It also provides information about what people can do to pay the taxes that they might be liable for.  People who are concerned about this tax issue should speak with an experienced estate planning professional to learn more about taxes on Social Security benefits.

See Selena Maranjian, Will I Pay Taxes on My Social Security Benefits?, My San Antonio, March 20, 2016.