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LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 35309
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 am over 70 yrs of age do I have to pay taxes on my Social

Customer Question

If I am over 70 yrs of age do I have to pay taxes on my Social Security or is it tax free after 70
Submitted: 7 months ago.
Category: Social Security
Expert:  LawTalk replied 7 months ago.
Good afternoon,I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. There is no age at which a person's social security benefits are not potentially taxable. Instead, the determining factor in the taxability of your social security benefits is the amount of income you earned in the last year and whether you are married filing jointly, or filing separate. Let me explain. 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.I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.I wish you and yours the best in 2016,Doug
Expert:  LawTalk replied 7 months ago.
Good afternoon,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug

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