2007-03-28 12:18:15 · 5 answers · asked by WDOUI 5 in Business & Finance ➔ Taxes ➔ United States
Age has nothing to do with the taxability of Social Security
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
2007-03-28 12:33:30 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Sad to say, there is no age limit on being taxed on your social security benefits. If your only income is social security benefits, your benefits won't be taxed and you may not have to even file a tax return.
If you receive other income like pensions and interest income, your social security benefits may be taxable, depending on your income.
If you're single and your income (+ half the social security income) is between $25,000 and $34,000 (married - between $32,000 & $44,000) up to 50% of your benefits are taxable. If over $34,000 ($44,000 for married), 85% of SS benefits are taxable. ugh! Just doesn't seem right!
2007-03-28 13:18:43 · answer #2 · answered by Lee, CPA - TurboTax employee 2 · 0⤊ 0⤋
Social Security income is taxable till the day you die, and then it is taxable to your estate. However, if SS does not exceed a threshold based upon your adjusted gross income, then you will never pay tax on it.
Refer to SS benefits @ irs.gov for the threshold amounts.
2007-03-28 12:53:42 · answer #3 · answered by bold4bs 4 · 0⤊ 1⤋
Taxability of benefits doesn't depend on your age, it depends on how much other income you have. From zero up to 85% of your benefits are taxable, depending on your other income.
2007-03-28 14:56:20 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Social Security Disability Guide - http://DisabilityHelp.siopu.com/?YCO
2017-04-05 00:21:59 · answer #5 · answered by ? 3 · 0⤊ 0⤋