I decided I had better do my taxes before the last minute. I knew it was going to be painful, since I started receiving Social Security early last year -- but hey, they're not taxing that, right?
Wrong. There's a $6000 income deduction for old people like me, but it starts getting pro-rated down once your total income exceeds a certain threshold, and mine had. They took every dime I paid in Federal income taxes and wanted in excess of $4000 more.
This is the kind of thing that is easier to take if you have been preparing for it, and I had -- but it's more than I expected. Nevertheless, I paid it, and what the heck, I always did like like beans and rice for dinner. But the man who tries to hector me about the worker's paradise the GOP is building had better be able to duck.
Posted ours this week and got refunds. Means we're paying in too much witholding. But we don't have to scrape up a payment.
ReplyDeleteThe first year I started getting Social Security I didn’t realize Social Security income is taxable above a certain amount. It took 2 years of adjusting withholding to get to where it was near zero.
ReplyDeleteWith all my free-lance work, I am used to doing the quarterly payments, but sometimes I still miss the mark...I've also written those 4-figure checks to the gub-mint. This year was good, small refunds from fed and state. I will probably need to work until 70, so SS withholding will be on the radar going forward.
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