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New Member
posted Jun 3, 2019 1:55:42 PM

In 2018, What is the maximum % of social security benefits that is taxable?

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1 Best answer
Level 15
Jun 3, 2019 1:55:46 PM

85%

3 Replies
Level 15
Jun 3, 2019 1:55:46 PM

85%

Level 15
Jun 3, 2019 1:55:48 PM


TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920 —for 2018 it will be $17,040)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable


You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.


Level 15
Jun 3, 2019 1:55:49 PM

Some states do not tax Soc Sec.