Yes, you may have to pay taxes on your Social Security income. It all depends on your other income and your filing status.
Here is a link to the Social Security Administration web site that will give you some good information about what amount of your Social Security benefits may be taxable: Benefits Planner - Income Taxes and your Social Security Benefit
First, take a look at your Adjusted Gross Income (AGI) on your return. Add your AGI and any non-taxable interest and one-half of your Social Security. This is your combined income.
If your filing status is Single or Head of Household and your combined income is:
- Less than $25,000 then none of your Social Security is taxable
- Between $25,000 and $34,000 then up to 50% is taxable
- Greater than $34,000 then up to 85% is taxable
If your filing status is Married Filing Joint and your combined income is:
- Less than $32,000 the none of your Social Security is taxable
- Between $32,000 and $44,000 then up to 50% is taxable
- Greater than $44,000 then up to 85% is taxable
If your filing status is Married Filing Separate, then your Social Security is taxable.
If your benefits included a lump sum payment for prior years, then the calculation is much more complicated than stated here.
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