Double tax: How many of you receive social security? When we paid into it our wages were subject to income tax. I am now retired and had my return done. Part of my social security was...

Frank romero Loc: Clovis, NM

How many of you receive social security? When we paid into it our wages were subject to income tax. I am now retired and had my return done. Part of my social security was considered taxable. Question for you isn’t this taxing income twice? Some states don’t tax social security but a lot of them do and also the federal government does.

Chuckay Loc: Central Florida

Frank romero wrote:

How many of you receive social security? When we paid into it our wages were subject to income tax. I am now retired and had my return done. Part of my social security was considered taxable. Question for you isn’t this taxing income twice? Some states don’t tax social security but a lot of them do and also the federal government does.

Florida dose not. You have already payed taxes on that money you are receiving now...

saw1 Loc: nor cal Windsor

Chuckay wrote:

Florida dose not. You have already payed taxes on that money you are receiving now...

As of Jan 2024 there are 9 states that DO tax social security benefits.
Colorado, Connecticut, Kansas, Minnesota, New Mexico, Rhode Island, Utah and Vermont.

plumbob Loc: New Windsor Maryland

Frank romero wrote:

How many of you receive social security? When we paid into it our wages were subject to income tax. I am now retired and had my return done. Part of my social security was considered taxable. Question for you isn’t this taxing income twice? Some states don’t tax social security but a lot of them do and also the federal government does.

Yes it is taxing twice and right up there with taxing us on returns if you over paid on the previous year.

Fredfish Loc: Prospect CT.

saw1 wrote:

As of Jan 2024 there are 9 states that DO tax social security benefits.
Colorado, Connecticut, Kansas, Minnesota, New Mexico, Rhode Island, Utah and Vermont.

Connecticut stopped last year on all but millionaires. I paid NO tax on mine last year.

Flytier Loc: Wilmington Delaware

The theory on that is, they're only charging tax on the appreciated value of the money that you put in. Of course this is BS because the government has already stolen that money fir their own purpose.

Randyhartford Loc: Lawrence, Kansas

Fredfish wrote:

Connecticut stopped last year on all but millionaires. I paid NO tax on mine last year.

I have NEVER paid anything on mine, since I started collecting it about seven years ago.
(and never will!)

saw1 Loc: nor cal Windsor

Randyhartford wrote:

I have NEVER paid anything on mine, since I started collecting it about seven years ago.
(and never will!)

I found that Kansas was one of the states that taxed SS.
Are you sayin that it doesn't or that you just choose not to pay taxes on it?
Just wonderin is all. If you don't wanna answer that's alright.

nutz4fish Loc: Colchester, CT

Flytier wrote:

The theory on that is, they're only charging tax on the appreciated value of the money that you put in. Of course this is BS because the government has already stolen that money fir their own purpose.

👍🏻☑️

nutz4fish Loc: Colchester, CT

Randyhartford wrote:

I have NEVER paid anything on mine, since I started collecting it about seven years ago.
(and never will!)

Randy, I'm hoping your luck holds out.

Randyhartford Loc: Lawrence, Kansas

saw1 wrote:

I found that Kansas was one of the states that taxed SS.
Are you sayin that it doesn't or that you just choose not to pay taxes on it?
Just wonderin is all. If you don't wanna answer that's alright.

I just assume I don’t make enough on SS to have to pay any tax. IDK and I don’t ask… 🥴
I figure since it’s coming from “them”, they would let me know if I’m suppose to pay. 😳
I lost enough money 30+ years ago (in the market) to cover any tax liabilities for the rest of my life!

saw1 Loc: nor cal Windsor

Randyhartford wrote:

I just assume I don’t make enough on SS to have to pay any tax. IDK and I don’t ask… 🥴
I figure since it’s coming from “them”, they would let me know if I’m suppose to pay. 😳
I lost enough money 30+ years ago (in the market) to cover any tax liabilities for the rest of my life!

Like Nutz said. Good luck.

Randyhartford Loc: Lawrence, Kansas

nutz4fish wrote:

Randy, I'm hoping your luck holds out.

It’s not luck that I LOST 370K in the stock market - maybe BAD luck! It would take me about 123 years to claim it all on my returns @ 3K/yr. because of it being short term gains.
I had to pay taxes on the capital gains in the year I made them, but can only claim 3K per year on the 370K I lost in one year. US tax laws suck!

Randyhartford Loc: Lawrence, Kansas

saw1 wrote:

Like Nutz said. Good luck.

As long as the IRS owes YOU money, they don’t care if you even file; or as long as you don’t owe THEM anything. They are funny that way… 🙄
If I owed them a dime, they would spend $1000 to get it!
I got audited one year because of my donations (tithes), and a huge difference in income from one year to the next. We had a huge year, followed by a very slow year. The auditor came from out of town, and spent ALL DAY in my office, going over EVERYTHING.
At 5:30 Pm - “Accepted as filed”.
That was the first and last time I was ever audited in my life, including 39 years in business.
I still have personal AND business receipts clear back to ‘60’s personal, and ‘78 business.
Don’t ask me why..

Frank romero Loc: Clovis, NM

Randyhartford wrote:

I just assume I don’t make enough on SS to have to pay any tax. IDK and I don’t ask… 🥴
I figure since it’s coming from “them”, they would let me know if I’m suppose to pay. 😳
I lost enough money 30+ years ago (in the market) to cover any tax liabilities for the rest of my life!

If all of your income is social security I understand that it’s not taxable. I have a part time job, receive retirement benefits and social security. When your other income reaches a certain amount part of your social security income becomes taxable. It doesn’t make sense to me because I paid income taxes on the wages that the social security was paid. I don’t receive the total amount of social security that I paid in because I receive retirement income. Supposed to be kind of like double dipping. Another way to get more money for the politicians to spend.