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I am collecting Social Security and still working. I was…

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Hi. I am collecting...

Hi. I am collecting Social Security and still working. I was told when I applied for SS that I would have no problems, and I could make as much as I wanted. Now I hear that I might have to pay 85% of my SS to the Feds, and 15% to the State.. Is that right?? I do Turbo Tax, but am not sure what to do this year. My Wife also works. Between the two of us we make a little over $66,000. I will get near $15,000 from SS. What should I do??

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

We both have extra taken out of both our Federal, and State on our pay checks from work.

Submitted: 8 months ago.Category: Tax
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11/20/2017
Tax Professional: emc011075, Tax adviser replied 8 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,890
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Up to 85% of your social security will be taxable, meaning it will be included in your taxable income. You will not have to pay 85% of your SS to the IRS. With 66K you are in 15% tax bracket. It means 85% of your SS income will be taxed at 15%.

Regarding the state, it depends where you live. Many states do not tax social security at all.

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