For many in retirement there is a shock when they find out that they do have to pay taxes on Social Security benefits and unfortunately this is nothing new.

Taxing Social Security benefits began back in 1983 when Congress altered the Amendments of the Social Security Act to have a portion of benefits subject to federal income taxation.

The rational was simple: to keep the Social Security program solvent there had to be a change, so why not tax the rich.

At the time this novel concept was only going to be an issue for less than 5% of all retirees, but with all “good intentions” set by Congress today there over 40% of retirees that are paying some tax on their benefits.

The good news about being subject to taxes on your benefits is that, right now, only up to 85% of your Social Security benefit can be taxable.

We are stressing right now, because there is always Congress and Congress is looking for money.

According to Social Security.gov to help save the Social Security program there are proposals to increase the taxation of benefits even higher than what they are already at.

How to figure out if I will pay taxes on Social Security benefits?

There are a few factors that determine if you will have to pay taxes on your Social Security benefit and they are:

Factor #1) Your other taxable income:

Believe it or not if you happen to have more income than a certain amount you will have to pay taxes on your Social Security benefit.

If you have very little reportable income, other than your Social Security benefit there is a great chance that this tax will never affect you.

Again, it is all about reportable income and what the IRS considers to be reportable is:

• ½ of your annual Social Security benefit,
• Your adjusted gross income (AGI) and
• Tax-exempt interest you have as income.

What does AGI include as income?

AGI is everything on line 11 of the 2022 IRS form 1040 which includes income from sources like:

Wages, Capital Gains, Rental and Pension Income, Interest and Distributions from investments like Traditional 401(k)’s/IRA’s/403(b)’s.

For a comprehensive list of what counts as income click here.

Basically, if your reportable income in retirement is not from Roth Accounts, Health Savings Accounts (HSA’s), 401(h) plans, Non-Qualified Annuities, Life insurance or Home loans then it will count towards your AGI.

• Pro tip: If you have any assets in a Traditional 401(k) or investments vehicles where you delay paying taxes until retirement you will most likely be paying taxes on your Social Security benefit.

What does Tax-Exempt Interest include as income?

According to the IRS is includes “any tax-exempt original issue discount (OID)), such as from municipal bonds.”

You can find this type of income on line 2a of the 2022 IRS tax form 1040.

A good rule to follow when it comes to paying taxes on your Social Security benefit:

If you are trying to avoid taxes while you are young, working and can afford to do so you will most likely pay more taxes later in retirement, when you are old, not working and need the money.

Factor #2: How you file your taxes with the IRS:

There is mathematical equation to determine if you are even eligible to be subject to taxes on your Social Security benefit and it all comes down if you file your taxes as an Individual of Jointly.

Intro:

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The most successful magician of all time is none other than great David Copperfield.

He is perhaps most well-known for his fantastic illusions, often incorporating various special effects and technology to make magic tricks that leave audiences fascinated.

Latest News of David Copperfield

He is still a magician. David Copperfield began acting on the road with his magic shows in 1973. In 1978, he had sold out several shows in Madison Square Garden, and in 1983, he performed in the MGM Grand for the first time. Copperfield first became famous in 1974 , when he was featured in The Tonight Show Starring Johnny Carson.

In agreement with magician Jon Finch, while Copperfield’s tricks may be shocking to viewershowever, his tricks are entertaining to illusionists. The illusionist is able to perform a variety of illusions that illusionists aren’t able to duplicate, like making an illusion of the Statue of Liberty on Liberty Island.

His dazzling illusions and captivating audience interaction has made him a household name throughout Hollywood and all over the world. The prestigious magazine Forbes the most profitable commercial magician in historyhis magic shows have drawn millions of viewers across the globe and continue to draw attention even after his death.

At the age of 10, he purchased a small kit of magic and began performing illusions for family members. After a few yearsand learning about the art of making illusions for stage shows was more fun than performing tricks for his family. When he was 12 years young, he got the chance to perform before an audience of 3,000 people.

Since then, he has been performing shows throughout the year. The shows of Copperfield include tricksor illusions, as well as magic that are designed to grab the attention of the audience. The show is captivating as they are entertained to conclusion to the end of his show.

The Illusionist David Copperfield on The The Art of Magic

A surprisingly famous tricks that the entertainer performs is the flying illusion. Copperfield utilizes a very simple trick in which the illusionist appears to levitate above the stage and fly over people in the audience. David Copperfield is one of the finest illusionists of all time. He became famous for his signature artistry and memorable illusionsthat included walking along the Great Wall of China, floating across the Grand Canyon, and vanishing the Statue of Liberty. Also, he’s a highly acclaimed director of films, a writerand TV host.

In addition to his magical shows, he has an organization for management, has published a number of books, and also opened an exhibit of memorabilia from magic shows. Copperfield is the recipient of an Emmy award, a celebrity in the Hollywood Walk of Fame, and has been awarded the Living Legend Award from the Library of Congress. But it isn’t all about the celebrity-spotting. The artist is a great performerwho is well-liked by the public and his fans alike.

He has made countless live TV appearances in his career. His dazzling illusions blend magicas well as music and intricate narratives. Copperfield performs live up to six nights a week, and has sold out MGM Grand in Las Vegas. Many people view Copperfield as a way to escape the stressful environment that we live in. It’s no wonder many people be convinced of his magic. It’s not just an issue of the performance, it’s rather his reputation. As a young man growing old, Copperfield was known for his sharp wit and sense of observation. He often uses these skills to communicate with his fans. Copperfield’s magic has entertained millions of people , and he has expanded his career to include writing, acting as well as television.

After working for 13 years working with David Copperfield, the world-famous illusion of the Statue of Liberty blew people’s minds. The live show included twenty tourists sitting in front of a giant curtain which was draped across the Statue of Liberty. Curtains were raisedand then lowered. The curtain was then lifted again, at the place where the statue used to bethere was nothing.

The American illusionist David Copperfield became famous in his career after being discovered as a young man by a nearby New Yorker. He was the subject of a biographical special that aired on the A&E channel. He was a fan favorite of many people and was admired by many. He was a well-known entertainer across the US for decades, but his work is highly sought-after even today. The audience’s reaction to his shows is always fascinating. Copperfield has performed with many illusionists in the past, but his shows were unique. The audiences always loved things that were beautiful and disappearing right before their eye. His shows are always filled with intrigue and amazement, because no one could predict what would happen next. When Copperfield was 16, Copperfield was employed at the circus work as an illusionist. He learned the art of illusion from the best of what the industry could provide. Copperfield was a star across the globeand his illustrious career was born.

Finally, We Now Know What Happened to The Magician David Copperfield on CBS

The American illusionist David Copperfield became famous in his career only after being discovered as a young man by a local New Yorker. He was the subject of a biographical special that aired on the A&E channel. He was a favorite of many people and was admired by many. He was a well-known entertainer in the US for decades, but his work is highly sought-after even today. The audience’s reaction to his shows is always awe-inspiring. Copperfield has performed with many illusionists in the pasthowever his shows were unique. The audiences always loved things that were beautiful and disappearing right before their eye. His shows are always filled with intrigue and amazement, because no one could predict what would happen next. When Copperfield was 16, Copperfield was hired at the circus work as an illusionist. He learned the art of illusion by studying the top performers the industry could provide. Copperfield was a star across the globe, and his now illustrious career was born. Is he the greatest ever? No one can say.

But he will forever be one of the greatest illusionists of all time.