{"id":1112260,"date":"2019-04-23T15:58:03","date_gmt":"2019-04-23T15:58:03","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107242"},"modified":"2019-04-23T15:58:03","modified_gmt":"2019-04-23T15:58:03","slug":"a-nasty-tax-surprise-for-baby-boomers","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1112260","title":{"rendered":"A Nasty Tax Surprise for Baby Boomers\u2026"},"content":{"rendered":"

This post A Nasty Tax Surprise for Baby Boomers\u2026<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

Last week, I talked about a new way that Congress might hurt lots of Americans who have used IRAs to save lots of money and I said this was just the latest in a long list of transgressions against well-prepared retirees. <\/span><\/p>\n

If you happen to be a Baby Boomer with even moderate retirement income, you\u2019re probably familiar with one of the biggest examples.<\/span><\/p>\n

Or, if you started collecting Social Security benefits last year, perhaps you just found out about it when you filed your taxes. <\/span><\/p>\n

Washington and Social Security Income<\/b><\/span><\/h2>\n

I\u2019m talking about the fact that Washington taxes Social Security income received by millions of Americans.<\/span><\/p>\n

As far as I\u2019m concerned, this tactic is simply a benefit cut by another name. <\/span><\/p>\n

Just consider: Under current law you could owe federal taxes on as much as 85% of the Social Security benefits you receive \u2013 which effectively means the government is taking back some of the money they promised you!<\/span><\/p>\n

It all depends on how much \u201cprovisional income\u201d you earn during retirement. <\/span><\/p>\n

To figure this number out, you add up your adjusted gross income (not including S.S. payments), additional tax-exempt interest you\u2019ll collect, plus half of your S.S. benefits. <\/span><\/p>\n

If you file a joint return: <\/span><\/p>\n