Do I have to pay taxes on my social security income? I worked until december 2019 and then retired. paid tax on income plus all social security income?

ctlmarti — Thu, 16 Jul 2020 01:21:53 GMT

just wondering why I had to pay taxes on my social security income? I thought I paid taxes on that all the years I worked. Adding my social security income to my work income put me in a higher tax rate.

Re: Do I have to pay taxes on my social security income? I worked until december 2019 and then re...

AnnetteB6 — Thu, 16 Jul 2020 01:53:14 GMT

Yes, you may have to pay taxes on your Social Security income. It all depends on your other income and your filing status.

Here is a link to the Social Security Administration web site that will give you some good information about what amount of your Social Security benefits may be taxable: Benefits Planner - Income Taxes and your Social Security Benefit

First, take a look at your Adjusted Gross Income (AGI) on your return. Add your AGI and any non-taxable interest and one-half of your Social Security. This is your combined income.

If your filing status is Single or Head of Household and your combined income is:

Less than $25,000 then none of your Social Security is taxable
Between $25,000 and $34,000 then up to 50% is taxable
Greater than $34,000 then up to 85% is taxable

If your filing status is Married Filing Joint and your combined income is:

Less than $32,000 the none of your Social Security is taxable
Between $32,000 and $44,000 then up to 50% is taxable
Greater than $44,000 then up to 85% is taxable

If your filing status is Married Filing Separate, then your Social Security is taxable.

If your benefits included a lump sum payment for prior years, then the calculation is much more complicated than stated here.

@ctlmarti

Re: Do I have to pay taxes on my social security income? I worked until december 2019 and then re...

fanfare — Thu, 16 Jul 2020 03:44:16 GMT

Thank Ronald Reagan for cooking up the scheme to tax your Social Security Benefits.

topic Do I have to pay taxes on my social security income? I worked until december 2019 and then retired. paid tax on income plus all social security income? in Retirement tax questions

Do I have to pay taxes on my social security income? I worked until december 2019 and then retired. paid tax on income plus all social security income?

Re: Do I have to pay taxes on my social security income? I worked until december 2019 and then re...

Re: Do I have to pay taxes on my social security income? I worked until december 2019 and then re...