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New Member
posted Feb 24, 2024 2:59:12 PM

Did the taxable amount of social security increase in 2023?

Taxable social security on my 1040SR increased from 6,200 in2022 to 17,800 in 2023.  Total increase in SS from 2022 to 2023 was only 1,200?

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1 Best answer
Expert Alumni
Feb 24, 2024 3:04:15 PM

No, it has not changed, but your total income probably did.   Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income.  Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

 

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.

2 Replies
Expert Alumni
Feb 24, 2024 3:04:15 PM

No, it has not changed, but your total income probably did.   Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income.  Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

 

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.

Level 15
Feb 24, 2024 3:07:45 PM