Is your Social Security benefit being taxed?

If you are already retired and are living in a big house that you can't afford the upkeep on, move into a smaller "senior" apartment and rent out your bigger house, for a lot more than your senior apartment. You are now able to make repairs on the house and deduct the repairs as business expenses. You might be able to get your adjusted gross down so low that you pay no taxes at all. Then in some states you can claim your own rent off from state taxes. Where I live we can take off up to $3000 a year on state taxes. You can depreciate some of your house costs but it's a double edged sword because you can't keep as much if you sell your house, so speak to a really good tax accountant before doing that.

While few people enjoy "writing" a tax check ... I prefer having a larger income that almost always will require you to pay taxes ... minimizing taxed income ... great. Having all the money to do the things I need and/or want to do -- priceless.

Pension? Only people i know who have pensions any more is government employees or union employees. The rest of us are living in the real world. 60k in SS ??? My parents together were under 36k. Wow.

Kevin - I am so glad I came across your KZfaq videos. They are very helpful and informative so thanks for posting. BTW, I'm a big Modern Family fan too. Favorites are the Pritchett kids Claire and Mitchell.

If we want to do a tax cut, do it on all SS payments. That’s 500 billion over 10 years. The trump tax cuts were 2 trillion over 10 years. I can guarantee you the tax cuts on all SS checks would be more popular.

Some states don't tax SS benefits....Arizona is one of them

Thank you for an informative video. My situation is probably as simple as they come. I quit working at 65 & hoping to delay taking my SS until 70. At that point my wife will be at her FRA & her SSD will turn into to the standard SS benefit. She will then qualify for 50% of what my FRA was & that will be more than hers. SS will be our only income. I was a high earner so our combined SS will come close to $85,000 annually. We have no debt & should be able to live fairly comfortable on that. Your calculator shows that we will only owe a few hundred in Federal taxes. I'm sure bridging through all of our savings to get to 70 is not what most people should do but it will work for us.

This shows how interlinked everything is? This causes that? Withdraw too much too avoid tax or RMD causes IRRMA On Medicare? So damn complicated!

Thanks for sharing knowledge to help others, people will remember this and seek out your help down the Road.. I just did this after 12 yrs with a home restore company, except this time the Son was running the show and his did was the guy that helped me 12yrs ago..👋😊🙏💪☝️👍

Keep in mind that the standard deduction is now 15,300. Which makes the 34,000 really 47,000.

We need a national pension fund to replace Social Security and it should be tax free. We can still have a type of social security insurance system that provides a disability benefit that can be a small percentage that everyone contributes towards. The current system was well intentioned but is long outdated. Every child born should have an account established with an initial fund to start taking advantage of compound interest over time. This fund would be professionally managed with strict risk tolerances. Everyone could still have other retirement options if they wanted to retire early.

if 1000 = 1000 reg taxable income +850 social security taxable income what % are you paying? How about 22% bracket?

great video . Can you make onefor freelancers? You're in CA, where there are a lot of them. How do you save with a freelance work? How do you have a 401k, a HSA, etc.

Depreciation is good for cash flow, but if you ever sell the depreciated property, you have a 25% depreciation recapture tax.

Hi Kevin, Am I right with this >>> If someone continues to work full time past age 70 and at the same time collects SS pension, does that mean that 85% of the SS pension will be added to the full-time income, and IRS will tax the grand total (full-time income + 85% of SS pension) accordingly, right?

In the first example you say they only make $30,000 which is half of 60,000. You say they don't have to pay any taxes on social security but then you don't mention anything about standard deductions and that they actually do have to pay taxes even if that's their only income. This is why people get so confused

Great Strategies. One question, you mentioned around 8:30 that holding internatonal funds in a taxable account (strategy 3) provides for a rebate and will come through as a tax deduction. Did you mean to say a tax credit instead of a tax deduction? I ask because it is considered a foreign tax credit and a tax credit is much, much better than a tax deduction. Just wondering.

I receive VA disability compensation and am paid at a rate higher than 100%. My annual compensation is $51,799. If I do not work and also receive my Social Security retirement... does my VA disability compensation have any affect on if and how much my SS retirement is taxed? I forgot to mention that I am single, if that matters.

Or retire at 55 and take 7 years to roll the IRA into a Roth.... Then draw Social Security at 62.

I have a question about taxable accounts and international companies I have in my brokerage account with fidelity 2 companies that are international so give me your opinion one is call Medtronic which their headquarters are in Dublin Ireland y the other one is Linde I don’t know which country they are but since you say I can get some type of credit if I over load can I leave these companies in my account and every year when I receive my form I shouldn’t worry to pay fees or penalties because it’s a foreign company or what can I do with these companies thanks ahead of time for your answer.😊

If a couple majes less than $32000 in todays environment they would be considered below the poor theshhold I would think. These numbers are ridiculous. Same for single person

States that tax Social Security in 2024 are Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah and Vermont. No way to evade it. Even if it's your only income.

If people don't pay taxes, they will not receive a refund. Paying taxes, will help those coming behind, leaving the door open.

I was told rental income doesn't count.

How to avoid pay SS tax - 1. don’t take SS 😂. 2. Take IRA or 401K, pay tax on that 😂. Brilliant advices 😂

I came here looking to get out of paying social security. I don’t like paying for leeches that sold me down the river

There's no way to avoid the tax. It's the formula for the tax. Don't say "how to pay zero". What a waste of a time.

:30 thank you President Reagan.

Only 48% of people make it to age 70

One way is, Never take social security.

Vote blue, no matter who.

Looking for pension taxless states. I'm in ca