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Convert a traditional 401(k)/IRA to a Roth 401(k)/IRA Second, subtract any tax deductions to determine your AGI. Social Security income is taxed at a lower rate than income from other sources, such as traditional retirement accounts. So, you may want to consider the following strategies to help potentially reduce your income from those accounts. That way a greater portion of your income is derived from Social Security. 1. Convert to a Roth IRA Be aware that converting from a tax-deferred retirement account to a Roth IRA means you'll pay income tax on that money, which can be substantial, but after that first tax bill, your distributions will be tax free and won't count toward your income calculation. Also, a provision in the Tax Cut and Jobs Act declared that a Roth conversion can't be "recharacterized," which means it can't be transferred back to a traditional IRA if you change your mind about the conversion. 3. Delay claiming your Social Security benefits The bottom line Social Security taxes may come as a surprise to many retirees, but as you learned, there are several effective ways to potentially reduce these taxes. Remember to examine how all your income sources might impact your tax rate, and then consider your available strategies for getting the most out of your retirement income. high quality imitation bags
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