Turning 73 This Year? Watch Out for This Tax Torpedo.
Your tax bill could give you sticker shock if you're not prepared for this.
Overview
Turning 73 means you'll have to begin taking required minimum distributions (RMDs) from your tax-deferred retirement accounts, but that could cost you in unexpected ways, including Social Security benefit taxes. This doesn't happen to everyone, but it's a possibility you definitely want to be aware of before you file your 2026 return.
You probably already know that RMDs can raise your tax bill, but exactly how they can cost you Social Security benefits isn't clear to most people. Here's a closer look at how that works and ways you might be able to avoid it.
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Details
Source
Originally published at www.fool.com.
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