Here's What to Do If You Owe Social Security Benefit Taxes You Can't Pay
"Boring" is a word that frequently comes to mind when people think about doing their taxes. But if you're a retiree living off a fixed income, tax time can also be stressful. You probably don't have an employer withholding money for taxes upfront, so you may actually owe the government. And the IRS might be after more than just your retirement account withdrawals.The federal government taxes Social Security benefit taxes as well. President Trump has vowed to eliminate these taxes, but for the time being, they're still on the books. Hopefully, if you owe them, you have the savings you need to pay your tax bill when you file your return. If not, there are steps you can take to keep the IRS happy without breaking your budget.Image source: Getty Images.Continue reading
"Boring" is a word that frequently comes to mind when people think about doing their taxes. But if you're a retiree living off a fixed income, tax time can also be stressful. You probably don't have an employer withholding money for taxes upfront, so you may actually owe the government. And the IRS might be after more than just your retirement account withdrawals.
The federal government taxes Social Security benefit taxes as well. President Trump has vowed to eliminate these taxes, but for the time being, they're still on the books. Hopefully, if you owe them, you have the savings you need to pay your tax bill when you file your return. If not, there are steps you can take to keep the IRS happy without breaking your budget.
Image source: Getty Images.
