Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. Depending on provisional income, up to 85% of Social Security benefits can be taxed by the IRS at ordinary income tax rates.
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.
https://turbotax.intuit.com/tax-tips/irs-tax-return/a-guide-to-social-security-tax/L5QxGNcJL
Distributions from IRA & other retirement/pension accounts are fully taxable on your federal return as ordinary income unless you made after-tax contributions.
In New York, all Social Security retirement benefits are exempt from taxation.
Your pension income is not taxable in New York State when it is paid by:
- New York State or local government
- the federal government, including Social Security benefits
- certain public authorities
- If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This exclusion from New York State taxable income applies to pension and annuity income included in your federal adjusted gross income.
TurboTax offers Full Service where a tax expert will prepare & file the taxes for you. You will be matched with an expert from your state, if you request one. https://turbotax.intuit.com/personal-taxes/online/live/full-service/.
If you need to meet the Tax-Expert in person, TurboTax also has the Verified Pro program. Intuit screens these tax professionals to ensure they have the necessary qualifications, but they're professionals who run their own practices. They’ll work with you on terms you both agree to. https://pros.turbotax.intuit.com/
@AngelaNYC Thankyou for this wonderful question!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
