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My husband, born in 1947, is still working. I am also working.

We are seriously thinking about...
My husband, born in 1947, is still working. I am also working. We are seriously thinking about having his draw Social Security benefit. Will any of the Social Security money be subject to Federal tax? He thinks it will be, I think it will not be because he is 1 year past the "full benefits" age
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Answered in 15 minutes by:
4/2/2014
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you todya

Megan C :

How are you doing?

Megan C :

Whether or not your husband's social security is subject to income tax depends on your other income.

Megan C :

If 1/2 of social security benefits plus income is over 32,000 up to 85% of the benefit may be taxed

Megan C :

Here's a calculator that will help you determine how much is taxable in your situation: https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

Customer:

This does not appear to be consistent with information provided in the 2014 Social Security brochure that states:

Megan C :

Your federal income tax is something totally different from the reduction that social security does for people who work

Megan C :

Social security will reduce someone's benefit if they are working and under full retirement age.

Megan C :

They stop doing that at full retirement age, but this is not a tax

Megan C :

The tax is something totally different

Customer:

This does not seem to be consistent with the Social Security 2014 brochure "How work Affects your benefits" that states: "If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn". The limitation in the chart you posted would apply if he had not reached full retirement age which he did in Feb 2013 (last year)??

Megan C :

Your federal income tax is something totally different from the reduction that social security does for people who work






Social security will reduce someone's benefit if they are working and under full retirement age.







They stop doing that at full retirement age, but this is not a tax







The tax is something totally different



Customer:

But maybe I am confusing the amount of the monthly social security benefit (e.g. how much he would receive per month) vs. the income tax on the Social Security annuity?

Megan C :

Yes, that is exactly what you are doing - which is very common :-)

Customer:

so what you are saying is that if he starts to draw Social Security, it will be considered "income" and added to our gross income for tax purposes? We would pay tax on the income (less allowed deductions)?

Megan C :

Yes, you would pay tax on up to 85% of the benefits

Customer:

How does one determine what the tax amount would be? Our current tax rate is about 28% with mortgage deductions, etc

Megan C :

If you're in that bracket, I can safely say that 85% of the benefits will be added to your income and taxed

Customer:

should we run the "new" suggested income through TurboTax to get an idea of what the new tax liability would be? How does one calculate the "new tax liability" so that the correct tax is paid during the year?

Megan C :

Here's a calculator that will help you determine how much is taxable in your situation: https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
16,608 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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