Social Security Tax

[Linda C2]

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!

[JBedford]

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! 

[Linda C2]

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

[VolvoGirl]

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.

[Linda C2]

Do you know if the state of MO taxes Social Security? If not, then I do not have to worry about added 85% of it to my total income, correct?

[JBedford]

MO taxation of Social Security benefits is set to end in the 2024 tax year. For the 2023 tax year, Social Security is fully deductible for Missouri residents ages 62 and older with an AGI of less than $85,000 (single) or $100,000 (married, filing jointly). If you earn more, you may still be eligible for a partial deduction.