How to Avoid a Large Tax Bill: Withhold Taxes from Social Security Benefits
November 18, 2020
Social Security Considerations Have you elected Social Security benefits? Although some Americans pay zero tax on Social Security benefits, many are subject to income tax on a portion of benefits, with a maximum of up to 85% of benefits paid. If you receive other sources of income (such as wages, interest, dividends, IRA distributions, and pensions), you may be surprised to find out your total income can result in a higher portion of Social Security
