SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. One of the biggest surprises would-be retirees face when planning their retirement finances is the fact that their Social Security benefits could very well be subject to income tax. A financial advisor can help you plan for Social Security and potentially minimize your tax bill on your benefits. Connect with a fiduciary advisor today. One reason for the confusion is that they never saw their parents or ...

Key Points Taxes on Social Security benefits have not been eliminated. Some retirees qualify for a new, larger deduction. The rules for when Social Security is taxed remain unchanged. The $23,760 Social Security bonus most retirees completely overlook › When campaigning for president, Donald Trump pledged that he would eliminate taxes on Social Security. The White House has declared victory on this issue, with a press release in July indicating that "No Tax on Social Security is a Reality in the ...