Taxes on Social Security hit some for first time: What to knowSocial Security recipients need to run the numbers to find out if their benefits are now taxable.By Justin Dennis and Danielle Langenfeld | Jan. 29, 2024Thanks to a recent cost-of-living adjustment (COLA), millions of people are getting bigger monthly checks from Social Security.
Many of those people are now learning they’ll have to pay taxes on those benefits — taxes some have never had to pay before.
Although Social Security has been adjusted each year since 1975 to account for inflation, as FOX News Business explains, “The amount of benefits exempted from taxes has remained unchanged for decades.”
(WJW) — Millions of Social Security beneficiaries are seeing bigger monthly checks thanks to a recent cost-of-living adjustment (COLA), but at the same time, many are now learning they’ll have to pay taxes on those benefits — taxes some have never had to pay before.
According to a recent survey by The Senior Citizens League, during the 2023 tax season, 23% of survey participants who received Social Security for three years or more said they paid taxes on it for the first time.
<..snip..>
https://thehill.com/changing-america/respect/poverty/4434167-taxes-on-social-security-hit-some-for-first-time-what-to-know/