Determining how your Social Security Benefits (SSB) are taxed can help you decide what tax bracket you will be in each year. Unfortunately it is more complicated than just adding up all your income and matching that to the IRS’s published tax brackets. Today I want to share with you what formula the IRS uses to determine what % of your SSB is taxed.
You will learn…
- What is the Provisional Income Formula
- How to determine if 0%, 50% or 85% of your benefits are taxed
- How to reduce the % of your benefits that are taxed