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I am 73, do i still pay tax on my benefit if I earn approx $

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80,000 per year?...
I am 73, do i still pay tax on my benefit if I earn approx $ 80,000 per year?
Submitted: 2 years ago.Category: Social Security
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Answered in 13 minutes by:
2/4/2016
Social Security Expert: Jonathan Tierney, Certified Public Accountant replied 2 years ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant
Category: Social Security
Satisfied Customers: 323
Experience: Tax Accountant at Praxair, Inc.
Verified

Hi, my name is ***** ***** I can help. Yes, if you MAGI (modified adjusted gross income) is $80K per year your Social Security benefit will be partially taxable. The taxable percentage maxes out at 85%, though the threshold is based upon your filing status. Here is how the percentage of Social Security benefits get taxed: https://www.ssa.gov/planners/taxes.html. In addition, this video helps explain the calculation: https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable. Finally, if you want a calculator to let you know how much of your Social Security will be taxable, try this one: https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed.

I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions.

Thanks, Jonathan

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