Posted on 09/18/2020 12:35:19 PM PDT by rintintin
I am an Enrolled Agent.
Is Social Security taxable for not married :
(SS 1099-SSA box 5 net benefits / 2) + non-SS income > $25,000 Part of Social Security will be taxable
Is Social Security taxable for married :
(SS 1099-SSA box 5 net benefits / 2) + non-SS income > $32,000 Part of Social Security will be taxable
Maximum 85% of your Social Security income can be taxable.
That’s about how it works out. If you are in a lower income group & on S.S. as well, you may not have to pay any taxes (or what you did pay in will be refundable). Of course the amounts that are deductible are changing fairly often. Now, if you had taxes taken out of your monthly S.S. check, then that’s another matter. A certain amount will be deducted from it for Medicare, however, & that will only increase. You’re unlikely to ever get rich from it, but in certain instances you can live on it(barely).
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