Yes, that can be right. Although your income was only $1,300 higher this year, it is possible that it was just enough higher that it bumped you from the 50% taxable to the 85% taxable. If you are single and had a combined income last year of $33,500 and this year it is $34,800, this would move you from having 50% taxed to having 85% 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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