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Reducing Or Eliminating Taxes On Social Security

Always a hot topic among retirees is paying income taxes on their Social Security Retirement Income. If the only income you had during the year was Social Security income, then your benefit is not taxable. However, if you had wages during the year or had substantial interest or investment income that exceeds a certain base amount, you might have to pay federal and perhaps State income tax on a portion of your Social Security Retirement Income. Sometimes, some very basic repositioning of assets can alleviate taxes on your social security income.