I'm trying to figure out how much tax I will pay on social security benefits for 2024.
I will get approximately $28,000 from Social Security this year. And from the info I am gathering, you don't pay any tax at all if the amount is less than $25,000.
So in my case, where it is over $25,000, is the entire amount of $28,000 considered taxable? Or just the amount above $25,000?
1. Will I be paying tax on the entire $28,000?
2. Or am I paying tax on only the portion above $25,000 (which would be tax on only $3,000)?
This is so confusing to me.
