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Assuming a couple married filing jointly received $40,000 in Social Security benefits, they would only need $12,000 in other income to reach the $32,000 threshold.
Assuming a couple married filing jointly received $40,000 in Social Security benefits, they would only need $12,000 in other income to reach the $32,000 threshold. If they had retirement plan income, pension, or investment income, this threshold can be easily reached.
What would you recommend to a client on how they might reduce the amount of Social Security benefit that is subject to tax if they have surpassed the threshold?
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