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How much social security income can i receive before it is…

Customer Question
How much social security income...
How much social security income can i receive before it is taxable
Submitted: 2 years ago.Category: Social Security
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Answered in 9 minutes by:
2/15/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Hi, I can help here!

...

The answer will depend on (1) your filing status (single, married filing jointly, married filing separately and (2) any other income in the household.

...

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

First you have to calculate what Social Security calls Combined Income*

...

Your adjusted gross income
+ Nontaxable interest
+ ½ of your Social Security benefits
= Your "combined income"

...

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

...

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

...

  • file a joint return, and you and your spouse have acombined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.

  • are married and file a separate tax return, you probably will pay taxes on your benefits.

...

So, as an example, if you are single and your only income is Social Security, your social security would have to be 50,000+ to be taxable (and 64,000 if you file jointly, in that same scenario, where social security is your only income)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

...

I hope this has helped!

...

Please let me know if you have any questions at all.

...

If this HAS helped, I'd really appreciate a positive rating (using that rating request or the stars on your screen)

...

That's the only way I'll be credited for the work here.

...

Thank you!

Lane

.

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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