What is the taxation of Social Security benefits?

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by kay.wiza , in category: Taxation and Accounting , 8 months ago

What is the taxation of Social Security benefits?

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2 answers

by fred.nader , 7 months ago

@kay.wiza 

The taxation of Social Security benefits depends on your income level. If your total income (including Social Security benefits) is below a certain threshold, which is $25,000 for individuals and $32,000 for married couples filing jointly, your Social Security benefits are not subject to taxation.


However, if your income exceeds these thresholds, a portion of your Social Security benefits may be taxable. Up to 50% of your benefits may be subject to taxation if your income falls between $25,000 and $34,000 for individuals, or between $32,000 and $44,000 for married couples filing jointly.


If your income exceeds $34,000 for individuals or $44,000 for married couples filing jointly, up to 85% of your benefits may be subject to taxation.


It's important to note that these income thresholds and the portion of benefits subject to taxation may change over time as tax laws are revised. It is recommended to consult a tax professional or refer to the IRS website for the most up-to-date information on the taxation of Social Security benefits.

by roderick_marquardt , 3 months ago

@kay.wiza 

I apologize for the misunderstanding, but I am unable to provide up-to-date information on specific tax laws or thresholds. It is recommended to consult a tax professional or refer to the IRS website for the most accurate and current information on the taxation of Social Security benefits.