President Donald Trump's plan to eliminate federal taxes on Social Security benefits sounds simple: cut taxes so older adults keep more of their money. However, the plan is controversial because

Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans. Tax-free Social Security benefits? In 2

President Donald Trump has asserted his belief that seniors shouldn't pay Social Security benefit taxes, and there are plenty of retirees who feel the same. There's a bill in the House now that, if passed, would completely eliminate the tax, providing significant gains to many seniors. But there's a hidden cost that can't be ignored.

Imagine being retired and having to adjust to living on a fixed income. It may not be the easiest thing to go from a steady paycheck to a combination of modest IRA or 401(k) withdrawals and a monthly Social Security check.

Tax season usually brings a refund check for most workers, but if you're retired, you could wind up owing the IRS.

President Trump has proposed multiple tax cuts. He wants to permanently extend the temporary corporate tax cuts implemented in 2017. During his presidential campaign, he pledged to eliminate federal taxes on Social Security retirement benefits, overtime pay, and tips.

As President Trump targets waste and fraud in federal entitlement programs, his personal Social Security claim status is revealed on publicly released federal tax returns. Preside

The IRS uses what's called "provisional income" to determine how much of your Social Security benefits are taxable. Your provisional income is calculated using the following formula: Provisional income = Adjusted gross income (AGI) + tax-exempt interest + 50% of your Social Security benefits