Taxes on my Social Security payments

[dshowsjr]

Turbotax:

Last year I retired and started drawing social security payments.  Do I have to pay taxes on the amount shown on line 5 of the form social security recently sent to me?

[Vanessa A]

It depends.

If you fall into the following, 85% of your social security is taxable income

• Single with income above $34,000
• Married Filing Jointly with income above $44,000
• Married Filing Separate regardless of income

If you fall into the following, 50% of your social security is taxable income

• Single with combined income between $25,000-$34,000
• Married Filing Jointly with combined income between $32,000 and $44,000

Your combined income is calculated by adding your

• AGI plus
• Nontaxable Interest plus
• 1/2 of your social security Benefits

Social Security Benefits Taxes

[dshowsjr]

Thanks Vanessa.  That answers my question.

Don S.