IRS

Social Security Taxes: IRS Claims $48.6 Billion in 2022 – Your Potential Impact Revealed

WASHINGTON, D.C. – The IRS collected a staggering $48.6 billion in Social Security benefit taxes in 2022, highlighting the substantial amount of money being withheld from retirees’ benefits. The magnitude of this figure raises concerns among Americans as they navigate their financial plans for retirement. These taxes are a result of the IRS’ practice of taxing Social Security benefits when a taxpayer’s income exceeds a certain threshold. As a result, beneficiaries may see a portion …

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IRS Cracking Down on Taxpayers as Filing Season Approaches

Phoenix, Arizona – Tax season is approaching, and with it comes some changes to the filing system in Arizona. This new system will bring about a different experience for Arizonans as they navigate their taxes this year. One major change to the filing system is the tax refund schedule. Understanding when you will receive your 2024 tax refund is crucial, as it can impact financial planning and budgeting. Yahoo Finance highlights the importance of knowing …

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Social Security Advisor Answers IRS Tax Questions Regarding 401K Withdrawal Timing

Riviera Beach, Florida – A reader from Riviera Beach, Florida, has reached out to inquire about the implications of cashing in on their 401(k) before reaching full retirement age. With September 2024 marking the date of their full retirement age, the reader is concerned about potential tax liabilities and impacts on their Social Security benefits. Seeking to ensure that their financial decisions do not adversely affect their Social Security benefits, the reader is working part-time …

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