I was working full time for 2021 up until end of May when I retired.
I qualify for full Social Security benefits in October of 2021.
But it seems that I would be taxed on 85% of Social Security for 2021 since my salary from this year would put me over the $34,000 combined income (individual) limit.
I am better off waiting to start collecting Social Security in January of 2022 instead where my combined income would be less?
When calculating how much tax is taken from Social Security it looks like it is:
combined income = adjusted gross income + nontaxable interest + half of your Social Security benefits
Does the standard deduction get applied to this as well as a deduction?
