Hello There!
I am sorry to hear about that. Many assume that social security is not taxable, but if your income is over a certain threashold, up to 80% of it could be taxable. If your total income is more than $25,000 for an individual or $32,000 for a married couple filing jointly, you must pay federal income taxes on your Social Security benefits. Below those thresholds, your benefits are not taxed. That applies to spousal benefits, survivor benefits and Social Security Disability Insurance (SSDI) as well as to retirement benefits.
The portion of your benefits subject to taxation varies with income level. You’ll be taxed on:
- up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly.
- up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple).
While we still have half the year left, you might consider using the TurboTax tax caster to see where you stand to avoid owing or making adjustments to your estimated tax payments. https://turbotax.intuit.com/tax-tools/.
Also, here is another way to determine how much of your Social Security Income to determine what may be taxable: https://www.ssa.gov/benefits/retirement/planner/taxes.html
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