Thanks for asking your question! I'm sorry to hear about your tax
issue and I'm going to try my best to help you understand or resolve it.
Hello again, I replied to you rating. Very good and helpful and answered
question totally satisfactory. Now here's another regarding social security
and taxes. Hopefully I am still under my original $30 agreement of last
week. Not sure if I should claim all of s.s. Received $18,127.10 from
them and am referred to a work sheet for "if all is taxable". Does this
also included the rest of my income? Or is that just a separate ??. According to the work sheet, the calculations say I'm liable for only $5,037.76. Is that possible? Hopefully it's true.
The answer: Yes, it's true - not all of your social security is taxable. How much is taxable depends on your other income. So, if you worked the worksheet and you only owe tax on $5,037 then that is all you owe taxes on.
Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.
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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.