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Brown Cafe UPS Forum
UPS Retirement Topics
Simple Hacks For Retirees. Financial Or Otherwise. "On Topic"
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<blockquote data-quote="satellitedriver" data-source="post: 4699610" data-attributes="member: 1664"><p>Pay the 79 dollars to use Turbo Tax. </p><p>It is well worth it.</p><p>Tax on SS is based on taxable earned income. The max your SS income can be taxed is 85%.</p><p>What is the deciding factor is your total reportable taxable income minus all allowed deductions.</p><p>Capital gains tax are based on assets held less that one year and are taxed as earned income.</p><p>Caveat, assets sold after 1 year and your reportable taxable income is less than $80,000."married" the profit is not subject to any tax.</p><p>Tax software is worth its weight in gold and does the ground work for you.</p><p>I am just an old retired UPS man, so you know I can't be trusted.<img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /></p></blockquote><p></p>
[QUOTE="satellitedriver, post: 4699610, member: 1664"] Pay the 79 dollars to use Turbo Tax. It is well worth it. Tax on SS is based on taxable earned income. The max your SS income can be taxed is 85%. What is the deciding factor is your total reportable taxable income minus all allowed deductions. Capital gains tax are based on assets held less that one year and are taxed as earned income. Caveat, assets sold after 1 year and your reportable taxable income is less than $80,000."married" the profit is not subject to any tax. Tax software is worth its weight in gold and does the ground work for you. I am just an old retired UPS man, so you know I can't be trusted.:happy-very: [/QUOTE]
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Simple Hacks For Retirees. Financial Or Otherwise. "On Topic"
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