Most retirees know that Social Security benefits are adjusted annually to account for inflation. But they may not realize the income thresholds used to determine federal tax liability are not adjusted annually, nor have they ever been adjusted. As a result, the thresholds cover more Social Security benefits each year, increasing the tax burden on beneficiaries.

Some states also treat Social Security as taxable income. But they tend to tax benefits differently than the federal government, and the thresholds for deductions and exemptions vary between states.

Read on to learn which beneficiaries will owe taxes on Social Security in 2024.

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Source Fool.com