Hi,
Here is a social security administration article regarding your question:
https://www.ssa.gov/manage-benefits/request-withhold-taxes
You will pay federal income taxes on your benefits if your combined income (50% of your benefit amount plus any other earned income) exceeds $25,000/year filing individually or $32,000/year filing jointly.
Here is another article that will help you decide if you want the taxes taken out from your monthly benefits:
https://turbotax.intuit.com/tax-tips/retirement/when-does-a-senior-citizen-on-social-security-stop-f...
As long as you are at least 65 years old and your income from sources other than Social Security isn't high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis.
For the 2022 tax year,
- If you are married and file a joint return with a spouse who's also 65 or older, you'll need to file a return if your combined adjusted gross income is $28,700 or more.
- If your spouse is under 65 years old, then the threshold amount decreases to $27,300.
- Keep in mind that these income thresholds only apply to the 2022 tax year, and generally increase slightly each year.
Thank you,
John
CPA
