Taxable SS Benefits have gone up

If you or someone you know gets Social Security benefits but also receives money from pensions or IRA distributions, be aware that the amount of taxes owed may have gone up.  The thresholds and percentages are very complicated and our tax lady was giving a very detailed description of why my Mom & Dad actually owed more in taxes this year then they had in past years due to distributions, and the sliding percentage of Social Security benefits versus other retirement income.  So make sure your retiree friends/family are aware that their tax liability may be going up this year due to these tax code changes.  Better to get taxes done earlier, so they are prepared when/if they owe.

Advertisements

~ by debt2dreams on February 24, 2012.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: