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Social Security recipients received a high cost-of-living adjustment (COLA) of 8.7% in 2023 — an average of $140 more per month — the largest hike in more than 40 years.
Social Security changes that went into effect this year are already having a tax impact for certain Americans, and the impact will extend into next year when it's time to file 2023 tax returns.
President Joe Biden signed the Social Security Fairness Act of 2023 on Sunday. ... state, or local) where they didn't pay Social Security taxes. If you're in either group, the new Social Security ...
Social Security recipients can stash up to $7,500 in pre-tax dollars in an IRA in 2023, up from $7,000 last year. Contributions to a health savings account (HSA) might also be tax-deductible and ...
For most Social Security recipients, the biggest change set to take effect in 2023 is an 8.7% cost-of-living adjustment -- the highest in 41 years. But that's far from the only change heading into ...
For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.
Other dollar limits on Social Security payroll taxes, taxes on benefits, … Continue reading → The post You Need to Know About These Major Social Security Changes in 2023 appeared first on ...
Because of the high COLA in 2023, many Social Security beneficiaries who don’t pay income taxes now might be pushed into income levels where they are taxed. Others might face higher tax rates.