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My Social Security Income Hurts When I File My Taxes – Ask Rusty
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Was this even a real question? Or is it just designed to showcase how ignorant people can be?
Unfortunately many institutions have decided to not have a retirement program. So my years of work yield me no retirement benefits. I cant afford my medications because of high prices. Thats all I work for. Plus trying to keep my home. So you don’t have a great retirement unless you are well off. But as long as I can stay in my home I will alternate which meds I can afford that month, go to food banks and pray electric and other life maintenance costs even out.
I did not see mention of the availability to pay quarterly payments to to IRS. Although it doesn’t lessen the bite you pay, it makes the bite(s) easier than one big chomp. And knowing what your tax liability was from the first year will help you determine approx how much each bite you want to send then is. Same is true with state payments (at least here in CA). Of course this is predicated on your ability to self save the payment to send. If your not fiscally responsible enough then the suggested tax withholding route is the way to go. You can find out more by going to irs.gov, estimated taxes. You can make these payments on line. HTH
As a person who will be receiving his first social security payment this year (and who files his own tax returns), I will be keeping a copy of this article as a reminder of what to look for when filing my 2021 federal income tax return next year.