#1 Taxes can take from your benefits
It is known that there are still a few states that will end up counting your Social Security Benefits as retirement income, and this means that you will have to pay income tax on the benefits you receive. Unfortunately, this is just one way in which you will pay taxes on your benefits and not end up getting your whole benefit paycheck. The good news is that only 12 states end up having this Social Security benefit tax and it seems we are going down the path of no states enforcing this law.
Depending on how you file your taxes, that being a single or joint filing, as much as 85% of the payment you would receive through Social Security Benefits is going to be up for being taxed according to your state’s income tax. This happens if your earnings are over $25,000 as a single filer or if they go over $32,000 as a joint filer.
8 Responses
How do you find out how much a widows pension will be before you sign up?
Another way to lose SS benefits (which I hope does not apply to any readers here): Move to a country that the USA does not have diplomatic relations with, such as North Korea, Iran (I think), and there are a few others.
Did not know about ways we can lose Social Security. Please tell me what to look for or do.
My husband and I have been married for 59 years this October. We inherited his family’s farm 30 years ago and paying taxes with very little income from it. My husband decided to sell it two years ago. I was relieved over our finances until we found out that our Social Security which would have been increased this year took a definite decrease after IRS informed Social Security about our income from the sale of the farm. With the proposed increase in SS benefits we would have been better off to have kept the farm and left it to our children. Now we are dependent on using money from the sale of the farm to live on. I know “life” isn’t fair, but it seems things never get better. just worse.
I think if anyone is caught selling or stealing other peoples medicine or on benefits getting caught doing those things should lose benefits.
Getting convicted of a felony.
I have no idea that o could ever loss my SS
Thanks for giving me this information. As a matter of fact, I’m among those who have lost part of their Social
Security earnings as of January 1, 2024. My monthly benefits shrunk from $1,015.70 to $579.60 without courtesy of a heads-up to expect the drastic change. I’m still waiting for the “why” to this unexpected act.