It can be. Up to 85% of your benefits may be subject to federal income tax, depending on your provisional income. For single filers, taxation can begin above $25,000, and up to 85% may be taxed above $34,000. For married couples filing jointly, those thresholds are $32,000 and $44,000. The $6,000 tax deduction for individuals age 65 and older mayreduce your tax bill, but it doesn’t change how much of your benefit is taxable.
We exist so you don’t have to worry about money. For more than 40 years, we’ve taken the sophisticated, time-tested approach that many ultra-high net worth individuals use to help manage their financial lives and made it accessible to more families.
