Social security income prior to part B medical deduction is $33,780.00 , investment income $8000.00 total 41,780 will I pay federal taxes ? I’m single age 68 at what income will I pay taxes and am I allowed all normal tax deductions on that amount?
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Based on your numbers, no your benefits are not taxable.
$33,780/2 + $8000 = $24,890 which is less than $25,000 filing as Single.
Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:
Based on your numbers, no your benefits are not taxable.
$33,780/2 + $8000 = $24,890 which is less than $25,000 filing as Single.
Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:
Thanks just a quick follow up , if I end up over $25,000 single income based on your tax table reply , do I get to use home mortgage , personal exemption to bring me back under for the 25,000 max for no taxes or will only the income over the 25,000 be taxable before or after my exemptions for example let’s say I end up at 35,000 after half social security income credit
Do personal exemptions like mortgage and tax deducts etc etc reduce taxable income after the 25,000 single income max and do you deduct the typeB medical premium for total social security income
@76maddog wrote:
Do personal exemptions like mortgage and tax deducts etc etc reduce taxable income after the 25,000 single income max and do you deduct the typeB medical premium for total social security income
Medicare premiums paid from the Social Security benefits received do Not reduce the amount of SS benefits reported on a tax return.
Your Adjusted Gross Income on the tax return is reduced by either your Standard Deduction or your Itemized Deductions, whichever is greater. For most all taxpayers the Standard Deduction will be greater than the Itemized Deductions. The deductions you mentioned, medical expenses/medical premiums, home mortgage interest, etc. are all itemized deductions.
When either the Standard or Itemized deduction is subtracted from the Adjusted Gross Income the result is your Taxable Income.
For example if your Adjusted Gross Income was $8,000 subtracting the Standard Deduction for a Single Filer age 65 or older of $14,050 reduces your Taxable Income to $0 so no taxes are owed.
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