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Up to 85% of your Social Security benefits can be taxable. 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 2017 that limit is $16,920) 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.
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.
To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040
https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable
Some additional information: There are a few states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana,Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.
Up to 85% of your Social Security benefits can be taxable. 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 2017 that limit is $16,920) 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.
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.
To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040
https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable
Some additional information: There are a few states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana,Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.
There is no exemption from taxes based on age on a federal tax return. Some states have retirement income exclusions.
You do receive an extra amount added to your federal standard deduction if you are age 65 or older.
Standard deductions for 2017
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