2329796
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dogmaii
Returning Member

Social Security Tax Liability over first $18000 limit

Question: 

My monthly SS payment will be Estimate $3000 per month which is $36000 a year. I am reading that I will be taxed as income on > $18000, so what is my tax liability and what rate??. So I am guessing $18000 taxable?

 

I will also be receiving a $750 pension which i plan to deduct $250 to pay taxes, leaving me with $500 extra income.  Does that get added to my SS Income?  and is that taxed on $36000 or added to $18000 SS income that is taxable ?

Is there a product or calculator that can help me??. 

So basic question is:  Will i get taxed on  $18000 SS Income on my yearly SS income of $36000 income or is it another amount??.

Medicare question - my last 2 years of work I will make >$120k so I see from their table I will be paying at least $300 per month in Medicare Costs.  Does the $300 per month REDUCE my taxable SS Income?? 

 

Thank you 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
dogmaii
Returning Member

Social Security Tax Liability over first $18000 limit

Any help on this question 

Social Security Tax Liability over first $18000 limit

My monthly SS payment will be Estimate $3000 per month which is $36000 a year. I am reading that I will be taxed as income on > $18000, so what is my tax liability and what rate??. So I am guessing $18000 taxable?

 

Up to 85% of the SS benefits will be taxable depending on your other income. 

 

I will also be receiving a $750 pension which i plan to deduct $250 to pay taxes, leaving me with $500 extra income.  Does that get added to my SS Income?  and is that taxed on $36000 or added to $18000 SS income that is taxable ? 

 

ALL of your income is reported on the income tax return along with all the withholdings.  Then the taxable portion of the SS benefits is calculated. 

 

 

Is there a product or calculator that can help me??.   

https://www.irs.gov/newsroom/tax-withholding-estimator-helps-retirees-figures-tax-on-social-security...

 

 

Medicare question - my last 2 years of work I will make >$120k so I see from their table I will be paying at least $300 per month in Medicare Costs.  Does the $300 per month REDUCE my taxable SS Income??   NO. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question