2007-02-16 12:43:09 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Age is not the factor in taxability of Social Security Benefits income is
If you are a Single filer or Married Filing Separately and you did not live with your spouse, if one half of your Social Security plus all other income that appears on you return exceed 25,000.00 then a portion of your Social security will be tax able.
If you are Married Filing Jiontly, if one half of your Social Securtiy plus all other income that appears on your return exceeds 32,000.00, then a portion of your Social Security will be taxable
If you were Married Filing Separately and lived with your spouse even one day of the Tax year, You will have a taxable portion of your Social Security.
In all scenerio's the maximum amount of your benefits that can be taxed is 85%, complete the worksheet in Pub 915.
Publication 915
http://www.irs.gov/publications/p915/index.html
2007-02-16 13:10:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It's not a matter of age, it's a matter of how much other income the person has. If social security is someone's only income, none of it is taxable. With enough other income, up to 85% of social security can be taxed.
2007-02-16 20:52:02 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Its not your age that matters. Its your other income besides Social Security. If Social Security is your only income its not taxable. If you have other income, part of your Social Security could be taxable.
2007-02-16 20:49:58 · answer #3 · answered by jeff410 7 · 1⤊ 2⤋
It's not age based, it's income based. If your SS income is your only income it won't be taxed. If you have other income, part of it may be subject to tax.
2007-02-16 21:25:02 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 2⤋
70
2007-02-16 20:56:23 · answer #5 · answered by cork 7 · 0⤊ 5⤋