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Retirement tax questions
Hi, @ecwangus , thanks for the question! This article from TurboTax explains taxation of Social Security in detail, as does this article from the IRS. To sum up, if your MAGI (defined as half of your Social Security income, plus all of your other income) exceeds $32,000 if Married Filing Jointly or $25,000 for all other filing statuses, then at least part of your Social Security will be taxable. The good news is that TurboTax will make these calculations for you.
Hope this helps, please let me know if this raises additional questions!
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‎July 26, 2023
1:00 PM