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Marla. I 't understand why I have to pay taxes on my social…

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Marla . I don't...

Marla . I don't understand why I have to pay taxes on my social security

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

My husband is 66 still working. I am 62 collecting my social security also. Both are working but when we filed taxes we were told we had to pay taxes on our social security. We do not understand

Submitted: 2 years ago.Category: Social Security
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Customer reply replied 2 years ago
This better not be a scam
Answered in 9 minutes by:
3/2/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,203
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi,

...,

I'm so sorry ... someone else had this locked ... thanks for asking for me

...

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.

...

let me help you work through this...

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

No more than 85% and anyone's social security is taxed ... and for many it's zero ... here's the way the formula works

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

First, let me define what SSA calls "combined income." (it's not total income) ... it's 1/2 of your social security plus other household taxable income.

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

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.

...

and again, *

...

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

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Customer reply replied 2 years ago
I still don't under stand we were told after you turned 66 you can work and not pay
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

You can read more about this directly from Social Security: https://www.ssa.gov/planners/taxes.html

...

Who told you that? (COMPLETELY wrong)

...

What's magic about 66 is it means you've reached full retirement age and your social security can't be REDUCED because of other earnings

...

But that has nothing to do with the taxation of it

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Customer reply replied 2 years ago
We itemized every year but they never tell you when you apply for ss that you will be taxed for it
Customer reply replied 2 years ago
do we need to have taxes taken put of our ss
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

It has noting to do with itemizing ... the test is based on Modified Adjusted Gross Income (before itemized deduction (or standard deduction if that;s what applies) come into play)

...

Essentially AGI with some items such as tax free muni bond interest thrown back in

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

Yes ... offset the additional income .. you CAN fill out a form (I'll get that for you) to have more withheld ... OR ... you can pay estimated taxes quarterly OR you can have more withheld at work ... OR ...you can settle up at tax time (although waiting to pay might caus a small underpayment penalty for not paying along the way)

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

Here we go:

...

If you are already receiving benefits or if you want to change or stop your withholding, you'll need a form W-4V from the Internal Revenue Service (IRS).

...

You can download the form, or call the IRS toll-free number1-***-***-**** and ask for Form W-4V, Voluntary Withholding Request. (If you are deaf or hard of hearing, call the IRS TTY number, 1-***-***-****.)

...

When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago
Ask Your Own Social Security Question
Customer reply replied 2 years ago
It just seems unfair we work all our lives and get ready to retire and still pay taxes
Customer reply replied 2 years ago
Thanks and please cancel my subscription.
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

I understand ... ... the laws are written such that if that's your ONLY income it wont be ... So sorry

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

I am just a user here as you are (although with credentials 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.

...

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

...

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

...

Thank you!

Lane

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

We are not allowed to deal with pricing and subscription issues

...

YOU can call 1(###) ###-####and they will cancell it (if you have one)

...

But I WOULD respectfully ***** ***** you rate me positively or I'll not be credited with A PORTION of what you've paid JustAnswer for THIS question

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

And again you can read all about this here:

...

https://www.ssa.gov/planners/taxes.html

...

And here's a great little calculator for seeing exactly how much of your social security will be taxed (might help you to keep the other income under a certain level to make some (or none of it) BE taxed

...

https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 years ago

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

...

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

...

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

...

Thank you!

Lane

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.

Ask Your Own Social Security Question
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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,203
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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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