In this episode, John, Tommy, and Ben delve into the intricacies of the Tax Torpedo and its impact on the taxation of Social Security. The Tax Torpedo is appropriately named because it has the potential to sink your tax situation if you're not vigilant and attentive to its effects. Typically, individuals who solely rely on Social Security income do not have taxable income, meaning they don't need to file a tax return. Things get more complicated when you have additional sources of income such as dividends, interest, and IRA distributions, as these factors can significantly impact your tax liability.
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