With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The percentage of tax is calculated off of your combined income if married and filing jointly, or as a single filer. The question then becomes: What is combined income? Combined income includes your adjusted gross income, nontaxable interest, and one-half of your annual Social Security benefits. We always suggest you speak with your accountant to determine how much you should withhold over the year so that you aren’t caught off guard with a large tax bill. It is important to note that the tax rates and criteria defining “combined income” can change from year to year. As with every decision that affects your retirement income, you will want to learn all your options. We’re here to help you do that. In addition, we offer products that provide an income stream you can’t outlive. We look forward to hearing from you. Call us: (504) 655-9933
We’re open for business despite this virus because no one should have financial concerns on top of health concerns. You can’t quarantine your retirement. We are here to help.
“You Earn It. We Protect It.” We believe in Keeping Your Principal Protected*, Simplifying Your Strategy, and A Reasonable Rate of Return**
Messina’s Wealth Management, LLC MS Lic #1503388
Messina’s Wealth Management, LLC
LA Lic #717402
LA Ins Lic# 222159
MS Lic #7176300
178 Main St., Ste. 103
Biloxi, MS 39530
3224 N Turnbull Dr., Ste. 100
Metairie, LA 70002
830 3rd St.
Gretna, LA 70053
5658 W. Main St.
Houma, LA 70360
3769 Pontchartrain Dr., Suite 9-1
Slidell, LA 70458
4322 Park Ten Dr.
Diamondhead, MS 39525
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By contacting Messina’s Wealth Management, LLC MS Lic #1503388 / Messina’s Wealth Management, LLC LA Lic #717402 / Dominick Messina LA Ins Lic# 222159 /Dominick Messina MS Lic #7176300 you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.