Social Security Tax Explained – How to Do the Math & How It Affects Your Roth Conversions

In this video, Erik Soderborg and Zacc Call walk you step by step through how to determine exactly how much of your Social Security income will be taxable.Be sure to download the Free Social Security Taxability Worksheet to follow along with us. Get it here: https://theretirementnerds.com/social-security-worksheet/OTHER RELATED VIDEOS:https://youtu.be/HNQbgUTqzRshttps://youtu.be/QXC0j1O-eAghttps://youtu.be/-ifv6Y6migkhttps://youtu.be/ZetbFdEqi2Ahttps://youtu.be/Q82iDCI_lZghttps://youtu.be/VHHNYdpVwrUZACC'S CHANNEL: https://www.youtube.com/@ZaccMoneyEducationMany retirees don’t realize that between 0% and 85% of their benefits can be taxed depending on their income level. Zacc shows you how to run the calculation yourself so you’ll know what to expect.📌 What you’ll learn in this video:The formula used to calculate taxable Social Security incomeWhat counts as “provisional income”Examples that show when 0%, 50%, or up to 85% of benefits are taxedHow other income sources affect your Social Security tax billIf you’re retired or planning for retirement, this walkthrough will help you avoid surprises at tax time and make better financial decisions.Check out our resources at https://TheRetirementNerds.com/Send me a [email protected] Sure to Subscribe to our Channel!YouTube: @theretirementnerds Join our newsletter for monthly tips, book recommendations, and personal stories!https://theretirementnerds.com/newsletter/⏰ TIME CODES ⏰0:00 Intro0:24 Purpose of Spreadsheet1:02 Which Boxes to Fill Out3:45 How Much SS is Taxable5:16 Deductions7:10 Far Right Grid Explanation8:57 Itemized Deductions9:44 Tax Tornado Table13:37 Roth Conversion Opportunities15:50 Middle Chart Explanations18:06 Filing Status Matters19:49 What this Does NOT Do20:50 Where to Get Help#socialsecurity #theretirementnerds #socialsecuritytax #retirementnerds #finance #zacccallDisclosure: This podcast is intended for informational purposes only, and is not a substitute for personal advice from Capita. This is not a recommendation, offer, or solicitation to buy or sell any security. Past performance is not indicative of future results. There can be no assurance that investment objectives will be achieved. Different types of investments involve varying degrees of risk, including the loss of money invested. Therefore it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or proposed by Capita will be profitable. Further, Capita does not provide legal or tax advice. Please consult with your legal or tax professional for advice prior to implementing any strategies discussed during this podcast. Certain information discussed during this podcast is based upon forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. Capita believes that such statements, information and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information, and opinions. Registration with the SEC does not imply a certain level of skill or training.