What Social Security Benefits Can Be Taxed by the IRS?
The Internal Revenue Service (IRS) Publication 907 states, “All income is taxable unless it is specifically excluded by law.” While most taxpayers will not have to pay income tax on their Social Security benefits, a few taxpayers who have a higher gross income will. Social Security was never meant to take the place of a retirement fund, but it was set up to provide approximately 40 percent of the income received from wages and salaries. Last Updated: 06/10/2010 00:50:31 • Mutual Fund Liquidation Tips Last Updated: 05/10/2010 22:15:31 • What Papers to Bring to My Tax Accountant Last Updated: 05/10/2010 20:46:30 • How to Tell How Much Money You Will Have Returned to You From Your W2s You do not have to wait until you file your taxes to determine how much you will get back from the government. If you are expecting a big refund, you can start planning what to do with the money now, simply by using your tax form or tax preparation software and the W2 form you received from your employer. La
