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How will Social Security income tax be determined under the…

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How will Social Security...

How will Social Security income tax be determined under the new federal income tax law. Will there be a worksheet to determine tax liability as in 2017?

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Will SS benefits be taxed at 85%?

Submitted: 7 months ago.Category: Social Security
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1/2/2018
Social Security Expert: SSA.Help4u.168, Accountant replied 7 months ago
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,787
Experience: Tax Accountant
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Hello. Happy New year!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response and will get back to you shortly.

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Social Security Expert: SSA.Help4u.168, Accountant replied 7 months ago

Under current tax law (pre-tax bill), social security could be taxed up to 85% if the person has other income that exceeds certain amounts. SEE BELOW:

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Some people who get Social Security must pay federal income taxes on their benefits. But, no one pays taxes on more than 85 percent of their Social Security benefits.

You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000. If you file a joint return, you must pay taxes if you and your spouse have “combined income” of more than $32,000. If you are married and file a separate return, you probably will have to pay taxes on your benefits.

REFERENCE SOURCE:

https://faq.ssa.gov/link/portal/34011/34019/article/3831/must-i-pay-taxes-on-social-security-benefits

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I do not see where this is changing under the new tax bill. Still writing...

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Social Security Expert: SSA.Help4u.168, Accountant replied 7 months ago
  • Interactive Tax Tools. Taxpayers can get answers to their tax questions with this helpful tool, Are My Social Security or Railroad Retirement Tier I Benefits Taxable, to see if any of their benefits are taxable. They can also visit IRS.gov and use the Interactive Tax Assistant tool.
  • Tax Formula. Here’s a quick way to find out if a taxpayer must pay taxes on their Social Security benefits: Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for their filing status. If the total is more than the base amount, some of their benefits may be taxable.
  • Base Amounts. The three base amounts are:
    • $25,000 – if taxpayers are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from their spouse for all of 2016
    • $32,000 – if they are married filing jointly
    • $0 – if they are married filing separately and lived with their spouse at any time during the year

REFERENCE SOURCE:

https://www.irs.gov/newsroom/are-social-security-benefits-taxable

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The amount of your additional income will determine how much of your social security will be taxed.

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Customer reply replied 7 months ago
Is the tax tool configured for 2018 income tax liability?
Social Security Expert: SSA.Help4u.168, Accountant replied 7 months ago

I am not certain about that. However, I would think that it should be.

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