For those with additional sources of income besides Social Security, the key figure in the calculation is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status ($32,000 for Married Filing Jointly or $25,000 for all others), at least part of your Social Security income becomes taxable. The taxable portion of your Social Security income increases once you reach additional MAGI thresholds.
Fifty percent of a taxpayer's benefits may be taxable if they are:
- Filing single, head of household or qualifying widow or widower with $25,000 to $34,000 income.
- Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.
- Married filing jointly with $32,000 to $44,000 income.
Up to 85% of a taxpayer's benefits may be taxable if they are:
- Filing single, head of household or qualifying widow or widower with more than $34,000 income.
- Married filing jointly with more than $44,000 income.
- Married filing separately and lived apart from their spouse for all of 2021 with more than $34,000 income.
- Married filing separately and lived with their spouse at any time during 2021.
See here for further explanation from the IRS.
See this help article for more information from TurboTax on this topic.
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