Tax consequence for continuing to work and receiving Social Security

[fawcett_longbeach]

Good morning.

I am still working.  Last Sept. I turned 70.  Last year in November I began receiving Social Security.

My wages from work this year will be approx. $90K.  My SS this year will be $48K.  I realize my SS is taxable. Also, this will push me into a higher tax bracket.

Can you help me to make an approx guess as to the additional tax I will 

[conniem123]

Hi,

When you have income in addition to your social security benefits, up to 85% of your social security benefits can be taxable 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.

A great tool for you to estimated your 2023 tax is this calculator, https://turbotax.intuit.com/lp/ppc/2168?srqs=null&cid=ppc_gg_nb_stan_all_na_Calculator-CalculatorEst....

You will enter your income, including your full social security benefits, and that will help you determine the additional tax in your particular situation.

I hope this information if helpful!

Connie