Do I Have To Pay Taxes On Social Security Payments?

Описание: Do I Have To Pay Taxes On Social Security Payments?

Yes, you may have to pay federal income taxes on a portion of your Social Security benefits, depending on your "combined income." This isn't your total income, but rather your Adjusted Gross Income (AGI) plus any tax-exempt interest income, plus one-half of your Social Security benefits. If you file as an individual and your combined income is between $25,000 and $34,000, up to 50% of your benefits may be taxable. If it's over $34,000, up to 85% of your benefits could be subject to federal income tax. For those married filing jointly, if your combined income is between $32,000 and $44,000, up to 50% of your benefits may be taxable. If it's over $44,000, up to 85% of your benefits could be taxed. Many people, particularly those with other sources of retirement income, find their benefits partially taxable. It's important to review your specific income situation to determine your tax liability.

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