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 Carol Thomas has recently retired from the Social Security Administration after 28 years service. If you have any questions about Social Security, please ask. We will use the questions you send for future posts. I will never post anyone's name, or other identifiable information.
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| FAQ(s) found under Social Security Basics |
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| Will I get taxed on my Social Security payouts? |
Date Add : 12-10-2008
| Views : 1057
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Maybe, depending on how much other income (such as pension or IRA distributions or salary) you receive in retirement.
Your benefits generally are not taxable if half of your benefits, plus all your other income, is less than $25,000 if you are single ($32,000 if you are married filing jointly). If half of your benefits, plus all of your other income, is more than $34,000 (for singles) or $44,000 (married filing jointly), then 85% of your benefits are subject to income tax. If you fall somewhere between the lower and upper limits, then the percentage of your taxable benefits varies between 0% and 85%.
To figure out if and how much of your benefits may be taxed, go to page 25 of this IRS worksheet.
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DISCLAIMER -
You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
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