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Tax Implications of the Social Security Fairness Act: Are You Prepared?

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
If your combined income is under $25,000 (single) or $32,000 (joint filing), there is no tax on your Social Security benefits. The Medicare Income-Related Monthly Adjustment Amount (IRMAA) is an amount you may pay in addition to your Part B or Part D premium if your income is above a certain level.
The article from MSN discusses the Social Security Fairness Act, a legislative proposal aimed at repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions currently reduce or eliminate Social Security benefits for individuals who receive pensions from jobs not covered by Social Security, like certain government positions. The Act, if passed, would restore full Social Security benefits to these individuals, potentially affecting millions of retirees, especially public sector workers such as teachers, firefighters, and police officers. The article explains how these rules work, their impact on retirement planning, and the potential tax implications if the Act is enacted. It also touches on the ongoing debate in Congress about the fairness of WEP and GPO, with supporters arguing that these provisions unfairly penalize public servants, while critics worry about the financial implications for the Social Security system.

Read the Full Kiplinger Article at:
[ https://www.msn.com/en-us/money/other/the-social-security-fairness-act-and-your-taxes-are-you-prepared/ar-AA1Afsyp ]