How to Calculate Taxes on a Lump Sum Social Security Check | Liz Weston Explains

Описание: Received a large lump sum Social Security check and worried about taxes? In this video, we break down how taxes on Social Security benefits work, including the 'combined income' rule and the lump-sum election method. Learn how to use IRS Publication 915 to calculate your tax liability and avoid surprises. Whether you're married filing jointly or single, this guide will help you understand how much tax you might owe on your lump sum payment. Don’t miss out on this essential information for maximizing your Social Security income!
Key Topics Covered:
How Social Security benefits are taxed
The 'combined income' formula
Lump-sum election method explained
Using IRS Publication 915 for calculations
Tips to minimize tax impact on your lump sum payment
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