Federal Tax, Tax

Portion of SS Benefits May Be Taxable

If you’re new to receiving Social Security (SS) benefits, you may not know that a portion may be taxable. SS benefits include monthly retirement, survivor and disability, but not supplemental security income payments (which aren’t taxable). The portion of your benefits that may be taxable depends on your income and filing status. Basically, calculate half of your SS money and add it to your other income from wages, interest, dividends, and capital gains (this includes benefits and income for both spouses). If the total exceeds $25,000 for a single person or $32,000 for a married couple filing jointly, part of your SS may be taxable. Here’s more  or contact us for help. © 2022