Did you know that about 40% of Social Security recipients pay some federal income tax on their benefits? If you're wondering if Social Security is taxable income for you, we've got you covered. In this short and easy-to-follow video, Certified Financial Planner® Matt Frankel explains how it works.
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Will You Have to Pay Tax on Your 2024 Social Security Benefits?
About 40% of retirees must pay tax on their Social Security. Here's what you need to know.
About the Author
Matt Frankel, CFP, is a contributing Motley Fool Personal Finance Expert and Stock Market Analyst covering financial and real estate sectors, plus personal finance. Prior to The Motley Fool, Matt was a high school and collegiate mathematics instructor. He holds a B.S. in Physics from University of South Carolina, an M.S. in Mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. Fun fact: Matt won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act.
The Motley Fool has a disclosure policy. Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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