Month: June 2021

Are Social Security Benefits Taxed?

Are Social Security Benefits Taxed

Hudson, NH Resident Nearing Retirement Has Questions

If your individual income exceeds $25,000 or $32,000 for couples filing jointly, you must pay taxes on your Social Security benefits.  Any income lower than this, the benefits are not taxed.  Incomes between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers can have up to 50% of their benefits taxed.  If your income exceeds that threshold, up to 85% of your Social Security can be taxed.

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How to Avoid Tax Penalties on a 529

How to Avoid Tax Penalties on a 529

Amherst, NH Parent Has Questions

A 529 is a great way to save for education expenses.  Withdrawals are tax-free when used on qualified education expenses.  However, if the money is withdrawn for non-qualified expenses or if there is money left over to be withdrawn after all expenses are paid this is considered taxable income.  In addition to paying taxes on the leftover amount, you will also incur a 10% penalty for these withdrawals.

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(603) 429-2009

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