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Level 2
posted Jul 15, 2021 9:31:54 AM

Taxes

How will my social security be taxed for federal and state?  I live in Missouri.  I think it depends on my adjusted gross income?  Curious if there are income brackets when determining what percent of my social security is actually taxed. Will those numbers be different for federal rates and for my state? 

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1 Replies
Expert Alumni
Jul 15, 2021 3:44:53 PM

You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $44,000, up to 85 percent of your benefits may be taxable.
  • are married and file a separate tax return, you probably will pay taxes on your benefits.

Social Security benefits are not taxed for married couples with a federal adjusted gross income less than $100,000 and single taxpayers with an AGI of less than $85,000 in Missouri. Taxpayers who exceed those income limits may qualify for a partial exemption on their benefits.