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I am 67/1/2 and 4 friends had a heated duscussion today about

ss benefits which we all...
I am 67/1/2 and 4 friends had a heated duscussion today about ss benefits which we all receive monthly. My ss benefits have been used each year as part of my earned income and I am paying taxes fed and state each year. one of the friends says she does not pay taxes on any of her ss payments and it is always should be (0) on filing each tax year. My cpa has always put my ss pay with my earned income and I pay quarterly taxes each year on all my income earned. who is right??thanks
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Answered in 8 minutes by:
11/1/2008
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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Social security benefits are taxable only if the sum of 50% of the benefits received plus all other taxable income (however, interest from tax exempt bonds is included in the calculation) for the year exceeds certain base amounts. The base amounts are $25,000 if the filing status is single, $32,000 if married filing jointly, and $0 if married filing separately. If the sum of the income amounts does not exceed the base amounts for a taxpayer's filing status then none of the benefits are taxable. If the sum of the income amounts exceed the applicable base amount then only a portion of the benefits becomes taxable depending on the level of income. The maximum portion that can be subject to tax is 85%.

 

http://www.irs.gov/newsroom/article/0,,id=179091,00.html

 

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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