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Why are my husband's social security benefits being taxed?
My husband and I both retired in 2018. He is 71, was self-employedand closed his service business. The net profit for his business shown on schedule C is $553.00. His social security benefits total is $12,346 with $5,579 being taxable. My gross wages are $27,861. Am I missing something? Help.
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June 6, 2019
1:20 AM
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Retirement tax questions
Are you filing Married Filing Separately? If so then all SS is taxable income and $5,700 that would be about correct. Filing jointly only about $2000 or less would be taxable.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 6, 2019
1:20 AM
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Retirement tax questions
Unfortunately, with the income you have listed, it has exceeded (just barely) the $32,000 limit for having none of the benefits be taxable.
June 6, 2019
1:21 AM