Thanks to the Stimulus Bill, Taxes on Retirement Income and Social Security Could Be Lower
Taxes in retirement can take a big bite out of the money you have available to you. If you have a traditional IRA or 401(k), you'll typically be taxed on withdrawals as ordinary income. And if your countable income exceeds a certain threshold, you could even find yourself being subject to tax on up to 85% of your Social Security benefits.
The good news is, you may have an unprecedented opportunity in 2020 to reduce the amount you owe the IRS. This comes courtesy of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, although not everyone can take advantage of it.
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Source Fool.com
