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Level 2

Question

Social Security Tax

Forum|Forum|2 years ago
June 28, 2023
1 reply
0 views

I am not currently working and start SS this fall. How much should I withdraw for taxes. I do have supplemental income from my 401K and retirement funds. thanks!

Ask the Experts - Energy - June 2023

Level 6

Hi, @Linda C2 ! This depends on many factors, including your filing status, the amount of your other income, etc. You may find this article from Social Security helpful:

https://www.ssa.gov/benefits/retirement/planner/taxes.html

Does this raise additional questions for you? Hope this is helpful!

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Level 2

So my SS will be additional income at the end of the year. Correct?

Level 15

Yes. 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

Most states do not tax Social Security.