Taxes on social security when selling stock

Toyota22 — Sat, 07 Dec 2024 02:16:20 GMT

Re: Taxes on social security when selling stock

VolvoGirl — Sat, 07 Dec 2024 02:20:03 GMT

What is your question? Yes if you have a gain on sales it may make some or more of your Social Security taxable.

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

Re: Taxes on social security when selling stock

xmasbaby0 — Sat, 07 Dec 2024 02:28:43 GMT

You will enter your SSA1099, and any other income you received such as the income from selling stocks, etc. Depending on the total amount of income you received during the year, your Social Security may be taxable.

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2021 it was $18,960. For 2022 it was $19,560 — for 2023 $21,240) For 2024, $22,320.

After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare. If you work as an independent contractor then you will pay self-employment tax for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2024 Form 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

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Taxes on social security when selling stock

Re: Taxes on social security when selling stock

Re: Taxes on social security when selling stock