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11yesdump
New Member

Taxable incomes in retirement :social security

2023 , retirement plus annuities was

$25,000, taxed 8,855 and social 

security was &27,000, taxed $5786,

wages $12868! 2024, wages $13 368,

retirement plus annuities $$25,367 

and social security $28,368 taxed 

$19,000 . Difference income from

2023 was $27,000 and 2024 $56,00

AJI. How is this possible 

 

 

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2 Replies

Taxable incomes in retirement :social security

it isn't

2023

annuities $25000 taxed at almost $9000 which is almost 36%.

social security $27000 (not sure if this is 100% or the portion that is taxable) taxed at almost $6000

wages $12900 taxed at ?

 

total income is 

Taxable incomes in retirement :social security

it's not

2023

annuity $25,000

social security $27,000 (not sure if this is 100% or taxable portion)

wages almost $13,000

that's gross taxable income of $65,000 or less. as a single person under 65 with a standard deduction of about $14,000 that leaves taxable income at $51,000. federal taxes should be about $6500 which is way less than the $8855+ 5786 + taxes on wages.

have no clue as to what is happening 

 

 

for 2024, $28,000 in social security taxed at $19,000 is also impossible that's a tax rate of almost 69%. the top federal tax bracket is only 37%. also the maximum social security that is taxed is 85% so if $28K is 100%, 85% is about $24K making the tax rate close to 80%

 

have no idea what you are doing or what your return looks like, but the tax numbers seem entirely unrealistic. 

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