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Why is my SS income being taxed?
My wife and I took the minimum required from our respective Ira. acct's. and had 25% taken for the IRS. My wife receives a pension which has the taxis taken out.
Why is it that when I add in our social security cks, we go from a substantial refund to a big deficit?
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Why is my SS income being taxed?
Up to 85% of Social Security 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
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Why is my SS income being taxed?
Up to 85% of Social Security 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
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