Looking at your whole tax picture is a great thing to do.
Social Security is taxed any where from 0% up to 85% depending on how much Social Security you are drawing and your other sources of income.
If you earn between $25,000 and $34,000 per year as a single filer (or $32,000 to $44,000 if you’re married filing jointly), you will pay income taxes on up to 50% of your Social Security benefits. If you earn more than $34,000 (or $44,000 if you’re married filing jointly), you’ll pay taxes on up to 85% of your benefits. You will never be taxed on more than 85% of your Social Security benefits.
When it comes to tax time, TurboTax has you covered. From simple to complex tax situations, we’ll will ask you simple questions and help you fill out all the right forms. You can count on TurboTax to get you every dollar you deserve.
Your earnings are computed using 50% of your Social Security plus all your other income.
https://turbotax.intuit.com/tax-tips/irs-tax-return/a-guide-to-social-security-tax/L5QxGNcJL
Remember that your social security is reduced until you reach your full retirement age and can also be affected if you have earned income. Here are some great resources to reference:
Either sit down with an advisor at Social Security or you can use some of the tools on their web site to help you see the impacts of waiting a few months or a years on how much you will receive per month: https://www.ssa.gov/benefits/retirement/planner/agereduction.html
How working affects your Social Security: https://www.ssa.gov/pubs/EN-05-10069.pdf
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