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LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 35390
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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If I applied Security now--at age 67 12 and still working

Customer Question

If I applied for Social Security now--at age 67 12 and still working full time--how would my Social Security monthly income be taxed?
Submitted: 11 months ago.
Category: Social Security
Expert:  LawTalk replied 11 months ago.

Good afternoon,

I'm Doug, and my goal is to provide you with excellent service today.

You can do the following quick computation to determine whether some of your benefits may be taxable:
A. First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.
B. Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.

If you are married filing jointly, your base amount is $32,000.
If you are single, your base amount is $25,000.

If you file a federal tax return as an "individual" and your combined income* is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. If it is more than $34,000, up to 85percent of your benefits may be taxable.

If you file a joint return, and you and your spouse have a combined income* that is between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits. If it is more than $44,000, up to 85 percent of your benefits may be taxable.

Your adjusted gross income + Nontaxable interest + ½ of your Social Security benefits = Your "combined income".

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you. Thank you in advance.

I wish you and yours the best this holiday season,

Doug