FedLife Podcast: How Social Security Changes and Lump-Sum Payments Impact Your Taxes

In this episode, Dan and Ed break down the tax implications of the Social Security Fairness Act and how it affects federal retirees. They discuss the impact of retroactive lump-sum payments, higher monthly benefits starting in 2025, and how this may increase taxable income. They also explain the widow(er)’s tax penalty, “stealth” taxes, and why using IRS Form W-4V for withholding may be a smart move.

FedLife Podcast (Ep. 143) FedLife Podcast: How Social Security Changes and Lump-Sum Payments Impact Your Taxes

Join us as Dan and Ed break down how the new Social Security changes impact federal retirees, what lump-sum payments mean for your taxes, and why planning for withholding is more important than ever.

In this episode, you'll discover:
• What do Social Security lump-sum payments mean for taxes?
• Can extra monthly benefits increase how much of Social Security is taxed?
• What is the widow(er) tax penalty?
• How does Social Security affect your federal income taxes?
• What are “stealth” taxes and how is Social Security involved?
• What is SSA Form W-4V for tax withholding?
Source Article:
https://stwserve.com/lump-sum-retroactive-payment-of-social-security-benefits-has-tax-consequences/
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Видео FedLife Podcast: How Social Security Changes and Lump-Sum Payments Impact Your Taxes канала FedLife