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Retirement tax questions
So, the concept here is "combined income". Combined Income is your adjusted gross income plus nontaxable interest and half of your Social Security benefits for the year.
- If your combined income is under $25,000 (single) or $32,000 (joint filing), there is no tax on your Social Security benefits.
- For combined income between $25,000 and $34,000 (single) or $32,000 and $44,000 (joint filing), up to 50% of benefits can be taxed.
- With combined income above $34,000 (single) or above $44,000 (joint filing), up to 85% of benefits can be taxed.
There is no exclusion amount. Since your preference is to not cut a check, I would assume that 85% of your Social Security is taxable.
Thanks again for the question @Ounce440
All the best,
Marc
Employee Tax Expert
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‎June 26, 2024
1:06 PM