Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
drwalter66
New Member

Starting in July of this year I will start drawing social security about 21,000 a year. How much more should I expect to have to pay in taxes next year?

 
1 Best answer

Accepted Solutions
PaulaM
Employee Tax Expert

Starting in July of this year I will start drawing social security about 21,000 a year. How much more should I expect to have to pay in taxes next year?

It depends on whether you have other income items to report.

In general, if your only income is social security, then you probably will not have to file a tax return and the income is not taxable.

However, if you have other income items, then your social security can become taxable (in part) if you exceed base amounts for your filing status.

See link below for reference.

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PaulaM
Employee Tax Expert

Starting in July of this year I will start drawing social security about 21,000 a year. How much more should I expect to have to pay in taxes next year?

It depends on whether you have other income items to report.

In general, if your only income is social security, then you probably will not have to file a tax return and the income is not taxable.

However, if you have other income items, then your social security can become taxable (in part) if you exceed base amounts for your filing status.

See link below for reference.

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v