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Arrunk
Returning Member

Retirement and SS tax

How much tax do I need to have withheld from my retirement and SS benefits?

2 Replies
xmasbaby0
Level 15

Retirement and SS tax

We cannot answer that since we cannot see any of your information---we do not know how much retirement income you will receive or how much SS you will receive.   And you have not mentioned what state you live in.  Some states tax retirement income and some do not, or only tax certain kinds of retirement income.

 

Have you tried using the TaxCaster tool?

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

 

 

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 was $16,920 —for 2018 it was $17,040—for 2019 it was $17,640— for 2020 it is $18,240; for 2021 it is $18,960)  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.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2020 Form 1040

 

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

 

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-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.

 

 

 

Some additional information:  There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.  These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Arrunk
Returning Member

Retirement and SS tax

I live in California. My Retirement income is $35,748.00. My SS income is $17,592.00.  the total of my retirement and half of the SS amount is $44,544.00. How much is the tax on my SS income? How much is on the Retirement income? I need to know how much of each to have withheld.

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