The Social Security Trustees’ Report expects about $10.6 billion more in tax revenue this year
Social Security recipients may be in for an unpleasant surprise when they see their benefits are taxed more than usual this year.
About 40% of Social Security recipients pay taxes on their benefits, the Social Security Administration said.Provisional income is half of a recipient’s Social Security benefits, plus adjusted gross income and income from tax-free interest . Want actionable tips for your retirement savings journey? Read MarketWatch’s “Retirement Hacks” column
Many workers also retired in 2021, Johnson said. Because wages are part of provisional income, those earnings can work against their best interests as far as taxes are concerned if they began claiming Social Security in the same year.
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