TomK2023
Expert Alumni

Retirement tax questions

Social Security is not taxed unless your income reaches a certain threshold.

 

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. .

 

For those with additional sources of income, the key figure 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.

 

 

TurboTax FAQ: Is my Social Security income taxable?

 

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