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In reply to the discussion: OMG Krasnov Lied About No Tax On Social Security [View all]surfered
(12,415 posts)4. It was inaccurately described. Taxpayers over 65
receive a $6,000 increase in their Standard Deduction, which is reduced if their taxable income exceeds certain limits.
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now I remember. It was too late (or too complicate) to change the tax codes
MadameButterfly
Feb 2
#8
I was about to tell y'all how "inaccurately described" no tax on tips, no tax on overtime, etc. are.
Solomon
Feb 3
#67
If you are taxed on SS there is a double whammy. Not only do you pay tax on SS but it is added to your
twodogsbarking
Feb 2
#13
It took some research on the part of the accountants, but this appears to be true, but with several caveats.
DFW
Feb 2
#58
It is added to your taxable income and will push you into a higher bracket. I wasn't clear.
twodogsbarking
Feb 3
#65
Everyone does not think they are getting back an extra $6000 or $12000 if they have any understanding how taxes work.
MichMan
Feb 2
#40
They go into the same pot as all the other income taxes and aren't directed towards SS
MichMan
Feb 2
#59
