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Yes, sorry, IRAs, salary, pensions ALL are other ORDINARY income that can affect the taxaiton level of social security
Ok, I was just reading on the SS website that pensions received from a job in which
Yes, again here's a quick blurb on this ... let me get you the IRS guidance too: http://money.cnn.com/retirement/guide/SocialSecurity_basics.moneymag/index17.htm
you are receiving SS do not affect you SS....ok thank you for the link
sorry go ahed
ok just to confirm, I received the earned income...the business losses were mine,
That piece may be right , but a basic withdrawal of IRA is treated as ordinary income for this purpose .... (the policy/logic here, is that the taxable income coming from IRAS are salary deferrals or other dollars that have never been taxed
he had social security only, but he did withdraw his own IRA so that does
affect his SS as being taxable....yes I realize that IRA withdrawal is treated as
That's right ... the IRA withdrawal is part of that "other" income
You file jointly?
income, but that makes his SS taxable as well? yes we file jointly
sorry i kept hitting the enter button..haha
ok great, well the upside is that I don't have to file an ammended return! haha thanks for all your answers!!
Yes the term that is used is "combined income"
To determine if you will pay taxes on your Social Security benefits you must come up with an estimate of what you think your combined income will be. Social Security considers your “combined income” the total of your adjusted gross income plus non-taxable interest, plus one half of your Social Security benefits. Note that ROTH IRA withdrawals do not count in this formula but municipal bond income does.
Here's one more (excellent) reference
wow you put it in a nutshell I really appreciate that very much!
You're very welcome .. have a good evening!
(darned enter key)
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