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
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