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Retirement tax questions
Hi, @Rayzzer , thanks for your questions!
"Can I collect my social security now?" Unfortunately, this is not a tax question, but a Social Security question, which means it it outside of our scope. But that being said, you may find this SSA article helpful.
"What amount of my social security should I set aside for taxes this year?" To answer that question in general terms, it is helpful to know how much of your Social Security will be taxable. If your MAGI is more than $32,000 if Married Filing Jointly or $25,000 for all other filing statuses, then at least some of your Social Security income may be taxable. Your MAGI is defined as half of your Social Security benefits, plus 100% of your other income. This TurboTax article goes into more detail.
Hope this helps, please let me know if this raises additional questions!
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