Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rhhhawkinson
New Member

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?

 
1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

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?

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.

View solution in original post

3 Replies
ghost
Level 8

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?

Eighty-five percent is the maximum. It will depend on all other income when totaled.
<a rel="nofollow" target="_blank" href="https://www.fool.com/retirement/2016/06/06/social-security-tax-calculator-are-your-retirement.aspx">...>
rjs
Level 15
Level 15

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?

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
Level 15

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?

Actually, 0-85% is taxable, depending upon your other (Joint) income.
Dynamic AdsDynamic Ads
Privacy Settings
v