More Retirees Owe Taxes on Social Security Benefits

More Retirees Owe Taxes on Social Security Benefits
The tax bite can be severe. Dreamstime/TNS
Tribune News Service
Updated:
0:00
By Sandra Block From Kiplinger’s Personal Finance

After decades of having Social Security taxes withheld from your paycheck, you may not expect to pay taxes on the benefits you’ve earned. But if you have other sources of income, there’s a good chance you’ll pay taxes on up to 85 percent of your benefits. Depending on where you live, your state may tax your benefits, too.