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Question

Is there anything in Section 72 of the IRS tax code related to Social Security Payments such as exceptions that would reduce or eliminate Social Security taxes?

Submitted: 85 days and 18 hours ago.
Category: Tax
Value: $20
Status: CLOSED
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Optional Information

Country/State/Province of question: USA, MO

Already Tried:
IRS website.

Accepted Answer

Section 72 covers the taxation of annuities, certain proceeds of endowment, life insurance contracts and other issues related to distributions from retirement vehicles. The section does not include any anything related to the reduction of social security taxes.

 

http://www.taxalmanac.org/index.php/Sec._72._Annuities%3B_certain_proceeds_of_endowment_and_life_insurance_contracts#Statute

 

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Expert: Bill
Pos. Feedback: 99.6 %
Accepts: 
Answered: 8/28/2009

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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