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I will claim SS at the end of this year. I am currently working…

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I will claim SS at...
I will claim SS at the end of this year. I am currently working and will continue for about one more year. After that I have a pension in addition to SS. Will the SS be taxed at the same rate as my current job and when it is just the pension, will SS be taxed at the ordinary income tax rate for the combined pension and ss?
Submitted: 3 years ago.Category: Social Security
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Answered in 1 hour by:
5/23/2015
Social Security Expert: PDtax, CPA firm owner replied 3 years ago
PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 5,125
Experience: 35 years tax and professional advice in all matters money
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Welcome to the site. I'mCustomer and will be helping you today.
Social security benefits are taxed at a scale unique to them alone. for example, if your sole income is social security benefits, you might escape Federal tax completely, while those with substantial social security and other incomes can see up to 85% of their benefits subject to income tax.
Pensions have their own tax treatment. If you paid in to the pension, a portion of your payments will be tax free as a return of your investment, and the rest taxable under regular income tax rates.
Note the tax rates themselves don't change, but the treatment of each income type is different.
For example: let's say you are single, 66, and collect $18,000 in social security and another $15,000 in pension benefits. In the year before, you worked for $33,000 in wages.
The 2014 Federal income tax on the wage alone is $3,338.
The 2014 Federal income tax on the social security and pension is $1,443.
The reason for the difference is that at this income level, none of the social security benefits are taxable.
As it says in the commercials, if they don't mind me borrowing the phrase, "your results will vary".
Customer
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Customer reply replied 3 years ago
I have not seen the tax calculator yet.
Social Security Expert: PDtax, CPA firm owner replied 3 years ago
For example: let's say you are single, 66, and collect $18,000 in social security and another $15,000 in pension benefits. In the year before, you worked for $33,000 in wages.
The 2014 Federal income tax on the wage alone is $3,338.
The 2014 Federal income tax on the social security and pension is $1,443.
The reason for the difference is that at this income level, none of the social security benefits are taxable.
The difference, $1,895, in my example came from the social security being nontaxable. As your total income increases, the difference in tax between eager income and pension/social security declines.
If you received $50,000 in pension, for example, a full 85% of the $18,000 social security benefits would be taxable. The tax on this income and $68,000 in wages would be almost equal.
Thanks again from just answer. Positive feedback is appreciated. I'mCustomer
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Category: Social Security
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