I'm 69 yrs.,,,I collect only SS in Florida,,, and am wondering because the base amount changes each year,,, where can I find this (base amount figure) each year?
I'm trying to figure how much extra I can make each year (besides 1/2 of my SS),,,,before having to pay taxes on any overage.
Thanks so much,
Blessings,
Russ
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According to IRS pub 915, your Social Security base amounts are as follows.
$25,000 if you are single, head of household, or qualifying widow(er);
$25,000 if you are married filing separately and lived apart from your spouse for all of 2020;
$32,000 if you are married filing jointly; or
$0 if you are married filing separately and lived with your spouse at any time during 2020.
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, otherwise $25,000), 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.
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.
OK,,, let me try this question this way please...
What is the base amount this year?,,,, and where can I find the base amount for next year?
thanks,
Russ
According to IRS pub 915, your Social Security base amounts are as follows.
$25,000 if you are single, head of household, or qualifying widow(er);
$25,000 if you are married filing separately and lived apart from your spouse for all of 2020;
$32,000 if you are married filing jointly; or
$0 if you are married filing separately and lived with your spouse at any time during 2020.
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