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I will be receiving survivors benefits beginning next month,

Customer Question
Hi, I will be...

Hi, I will be receiving survivors benefits beginning next month, my question is how will this affect my taxes at the end of the year. I am still working.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

Ok, what do you need to know?

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

Like what?

Submitted: 11 months ago.Category: Social Security
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Answered in 2 minutes by:
9/23/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months 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

HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

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.

...

If you'd like to give me the numbers I can give you a more specific answer

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Customer reply replied 11 months ago
Are you serious.....so at the end of the year the IRS is going to take half of my social security benefits?
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

No no ... 1/2 of it can be added TO your other income as taxable

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

Lets say that you earn 40,000 and your social security is 20,000.

...

Your taxable income for tax purposes would be 50,000 in that scenario

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Customer reply replied 11 months ago
That's ok, I can call Social Security and get my answers but thank you for your help.
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

They cannot run the taxes for you. Im have a calculator that will allow us to see how much would be taxable and then use that in a second projection to see what the taxes look like.

...

Regardless, let me know

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Customer reply replied 11 months ago
Isn't that the same thing, they take half of my social security and add it to my monthly income and tax me on it, right?
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

Either way (by the way if the web site made a phone offer, that did NOT come from me).

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Customer reply replied 11 months ago
Ok good, I was beginning to think there was a charge for every question :(
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

No ... lets say that the example above were the facts ... that 10,000 of social security that GETS taxed would be taxed at whatever tax bracket you're in (oh no , no additional charge we can do this all here)

...

Here are the brackets for a single filer

...

Single Filing Status

Single 2017 Tax Brackets

...

Taxable Income ........ Tax Bracket:

$0 - $9,325 .................. 10%

$9,326 - $37,950 .......... 15%

$37,951 - $91,900 ........ 25%

$91,901 - $191,650 ...... 28%

$191,651 - $416,700 .... 33%

$416,701 - $418,400 .... 35%

$418,401+ ................... 39.6%

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

So, again in that example you're getting 20,000 of social security, and lets say 1/2 of that gets taxed at the 25% bracket. Thats, .25 x 10,000 = 2500 in additional taxes

...

so you reall are taxed at 2500 / 20000 = 12.5% on that social security income

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Customer reply replied 11 months ago
It looks like I'm in the 15% bracket, so my yearly income including 15% of my soc. sec. is taxed, not 50%
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

Close ... if you're at the 15% tax bracket, then using that same example

...

only 10,000 would be taxable at the 15% rate. so 1500 added to the tax bill (for an additional 20,000 of income)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

1500 / 20000 = 7.5% tax

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

If you want to give me the numbers (earned income and social security amount) I can run the numbers for you

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Customer reply replied 11 months ago
Oh..OK...I think I get it...but it stills stinks that no matter how you try to get ahead the government takes away from you what you've (in this case my husband) been been saving for for your entire working life.....
Customer reply replied 11 months ago
Thank you for your help.....Good-Bye :)
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

Agreed... the logic behind how this works is that Social Security is a form of social insurance ... for example those that don't have ANY other income don't usually pa taxed on that social security because the social security itself would have to be 50,000 (1/2 of it equalling 25000) to be taxed.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 11 months ago

You're very welcome ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!

That's the only way I'll be compensated by JustAnswer for the work here

...

Thank you,

Lane

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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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