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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.

By Matt Frankel, CFP – Aug 31, 2024 at 9:12AM EST

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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About the Author

Matt Frankel, CFP
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst specializing in the real estate and financial sectors. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, Globe St, The National Desk, and other TV networks and publications for his real estate, financial, stock market, and investing expertise.
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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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