What is taxable amount on Social Security benefit of $24,617.40 for Senior Citizen?

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:

• Married Filing Jointly - $32,000
• Single or Head of Household - $25,000
• Married Filing Separately - 0

See the Social Security Benefits Worksheet to see how the taxable benefits were calculated.

The amount of your social Security that is taxable depends on your total combined total income.  However, you are giving two very different numbers with $24, 627.40 and $12,715.  Are there two people receiving a similar amount?

 

To determine your combined income you will add the following:

• AGI (your other taxable income without considering your social security) plus
• Nontaxable Interest plus
• 1/2 of your social security Benefits

 

If you fall into the following, 85% of your social security is taxable income

• Single with income above $34,000
• Married Filing Jointly with income above $44,000
• Married Filing Separate regardless of income

If you fall into the following, 50% of your social security is taxable income

• Single with combined income between $25,000-$34,000
• Married Filing Jointly with combined income between $32,000 and $44,000

If you are married filing separately, 85% of your social security it taxable. 

 

Social Security Benefits Taxes