I was told anything over $25,000.00 from SS you ave to pay taxes on the rest. Is this true?
You'll need to sign in or create an account to connect with an expert.
If you have combined income that exceeds $25,000 as an filing single taxpayer or exceeds $34,000 if married filing joint, then yes up to 50% of your social security income "may" be taxable. It is dependent on all the income your have, whether wages from a side job, self employment income, interest, dividends and capital gains.
What you say you were told is not true. As icalvo said, how much of your Social Security is taxable depends on your other income. If Social Security is your only income, you do not pay tax on any of it, no matter how much it is.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17739460121
New Member
1245sheldon
New Member
danielle-skilling1333
New Member
biggrizzo2003
New Member
mr-barksdale2012
New Member