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Retirement tax questions
Up to 85% of your social security can be taxable depending on your complete situation. If your ONLY income is $24,000 a year with social security and you are NOT married filing separate then it generally would not be taxed.
However, you mention rental income, if you have rental income this could change everything. If you are single and had less than $13,000 rental and all other income while receiving $24,000 in SS benefits, then you would not be taxed on your Social Security. Below are the base amounts for other filing statuses.
"To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of:
- One-half of your benefits; plus
- All of your other income, including tax-exempt interest.
The base amount for your filing status is:
- $25,000 if you're single, head of household, or qualifying widow(er),
- $25,000 if you're married filing separately and lived apart from your spouse for the entire year,
- $32,000 if you're married filing jointly,
- $0 if you're married filing separately and lived with your spouse at any time during the tax year." https://www.irs.gov/faqs/social-security-income/regular-disability-benefits/regular-disability-benef...
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‎June 3, 2019
10:41 AM