Can My Social Security Be Taxed?
Hi, I’m Pete Losavio, Louisiana Board-certified tax law specialist. One of the frequently asked questions that I get is “can my Social Security Benefits be taxed?" Yes, they can. If you are single and your taxable income exceeds $34,000, or if you are married and its exceeds $44,000, then your Social Security Benefits can be taxed. The reason that this usually happens is that you are receiving your required minimum distributions from your qualified plans, be it your IRA, 401k or penchant plan. And this causes you to have taxable income in retirement. If you are interested in avoiding paying taxes on your Social Security income contact us today.