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Get your taxes done using TurboTax
Possibly. If your taxable income is more than $15,700 (if you are single over 65, $13,850 if you are under 65 and single), you would need to file a tax return. You would add your pension to the taxable portion of your SS to determine if your income is over your standard deduction.
Not all of your social security is taxed. However, depending on your situation, up to 85% of it is taxed.
If you fall into the following, 85% of your social security is taxable income
- Single with income above $34,000
- Married Filing Jointly with income above $44,000
- Married Filing Separate regardless of income
If you fall into the following, 50% of your social security is taxable income
- Single with combined income between $25,000-$34,000
- Married Filing Jointly with combined income between $32,000 and $44,000
Your combined income is calculated by adding your
- AGI plus
- Nontaxable Interest plus
- 1/2 of your social security Benefits
Social Security Benefits Taxes
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‎April 13, 2024
3:01 PM