I am 65 and started collecting Social Security January 1st of this year. I heard I need only claim 85% of it on my taxes. Is that true?

[ghost]

Eighty-five percent is the maximum. It will depend on all other income when totaled.
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[rjs · Accepted solution]

Anywhere from 50% to 85% of your Social Security will be taxable, depending on how much other income you have. If your other income is low enough, none of your Social Security will be taxable. You enter the full amount of your Social Security in TurboTax (box 5 on the Form SSA-1099 that you will get in January). TurboTax will calculate how much of it is taxable. Both the full amount and the taxable amount will appear on your tax return.

[SweetieJean]

Actually, 0-85% is taxable, depending upon your other (Joint) income.