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Don’t like the tax bill you got this year? Check your Social Security income

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Focus on Finance: April 22, 2012

By Steve Wright

Question: Does my Social Security vastly affect my taxes?

Answer: When you filed your income taxes this year, your tax bill may have unpleasantly surprised you. And if this is the case, you are by no means alone.

There can, of course, be many reasons why your taxes could be higher than you expect, such as having to report a capital gain or taking a lump-sum retirement plan distribution.


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