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Ask Christopher B, Esq. Your Own Question
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2963
Experience:  associate attorney
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Please tell me how much of my benefit is taxable. Thank yo

Customer Question

Please tell me how much of my benefit is taxable. Thank you.
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. If you make less than $25,000 as an individual of combined income then you will not have to pay taxes on any portion of your social security benefit.Your adjusted gross income+ Nontaxable interest+ ½ of your Social Security benefits= Your "combined income" 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.more than $34,000, up to 85 percent of your benefits may be taxable.If you file a joint return, and you and your spouse have a combined income that isbetween $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefitsmore than $44,000, up to 85 percent of your benefits may be taxable.See link: https://www.ssa.gov/planners/taxes.html So basically the 50% and 85% is not the percentage of tax you have to pay just the percentage of your benefit you pay your normal tax rate on. For example, if you had a combined income of $30,000, and your tax rate was 25%(not taking into account any deductions), and you received $26,000 in SS benefits, then you would pay 25% on $13,000 of your SS benefits. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 1 year ago.
Just checking back in, do you have any further questions?