HelenC12
Expert Alumni

Retirement tax questions

@DoninGA is correct.

 

How much is taxable depends on the total amount of your benefits and other income. Generally, the higher that total amount, the greater the taxable part of your benefits.

 

Generally, up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if either of the following situations applies to you.

  • The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly)
  •  You are married filing separately and lived with your spouse at any time during 2021.

A worksheet you can use to figure your taxable benefits is in the Instructions for Form 1040. You can use either that worksheet or Worksheet 1.

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