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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10433
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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How much social security income can i receive before it is

Customer Question

How much social security income can i receive before it is taxable
Submitted: 11 months ago.
Category: Social Security
Expert:  Lane replied 11 months ago.

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Hi, I can help here!

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The answer will depend on (1) your filing status (single, married filing jointly, married filing separately and (2) any other income in the household.

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Expert:  Lane replied 11 months ago.

First you have to calculate what Social Security calls Combined Income*

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

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No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

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  • 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.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

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

  • are married and file a separate tax return, you probably will pay taxes on your benefits.

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So, as an example, if you are single and your only income is Social Security, your social security would have to be 50,000+ to be taxable (and 64,000 if you file jointly, in that same scenario, where social security is your only income)

Expert:  Lane replied 11 months ago.

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I hope this has helped!

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Please let me know if you have any questions at all.

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If this HAS helped, I'd really appreciate a positive rating (using that rating request or the stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

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