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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10123
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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Living in California I need to know if my social security

Customer Question

Living in California I need to know if my social security will be taxed and/or how much. I will turn 70 in 7 months and will receive $3,300/ month. I desire to know what my net take home will be if taxed.
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.

Hi,

...

The answer to your question depends on your filing status.

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First, one must understand that "combined income" is a very specific social security term ... it means 1/2 of your social security plus other household income.

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You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000. If you file a joint return, you must pay taxes if you and your spouse have “combined income” of more than $32,000. If you are married and file a separate return, you probably will have to pay taxes on your benefits.

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So if you are a single filer, and this is your ONLY income then NONE of it would be taxable.

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See this:

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Summary Table

Social Security Taxation - IRS Publication 915

1Total Social Security benefit$36,900

2One-half of line #1$18,450

3Adjusted Gross Income items (without 'adjustments')$0

4Add back tax-free interest$0

5Add lines 2,3 and 4$18,450

6Adjustments (deductible IRA contributions)$0

7Subtract line 6 from line 5$18,450

8MAGI base amount$25,000

9Subtract base amount (line 8 from line 7)$0

10Enter factor based on filing status$9,000

11Subtract 10 from 9 (min = 0)$0

12Enter the smaller of line 9 or line 10$0

13Enter one-half of line 12$0

14Enter the smaller of line 2 and line 13$0

15Multiply line 11 by 85% (min = 0)$0

16Add lines 14 and 15$0

17Multiply line 1 by 85%$31,365

18Enter the smaller of line 16 or 17$0

Taxable Social Security benefit ..... $0

Percent of Social Security benefit subject to taxation .... 0%

Estimated taxes due .... $0

Expert:  Lane replied 5 months ago.

If you DO have other income (and can also provide me with your filing status - single, or married jointly, or married filing separately). I can run the numbers more specifically for you.

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Otherwise, if this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

JustAnswer will not credit me for the work unless you do.

...

Let me know!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Expert:  Lane replied 5 months ago.

Hi,

...

I tried to respond to the call request, but there was some sort of problem with it going through. So Sorry.

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I've asked customer service to check into this.

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Sometimes a card issuer will block a charge and ask you to OK

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Could that be the issue here?

Expert:  Lane replied 5 months ago.

The bot***** *****ne is that if this is the only income, its not taxable

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Or I'll say it differently ...

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You could have up to an additional $540 per month or so of income IN ADDITION to your social security, befor any OF the social security would be taxable

Expert:  Lane replied 5 months ago.

I hope this has helped.

...

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

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

JustAnswer will not credit me for the work unless you do.

...

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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