Do you have to pay income tax on Social Security payments at age 62?

Answer 1

If social security is your only income then the answer is NO. If you have other income you have to fill out a return and see where the chips fall. If you are single and your other income plus ss is less that 25,000 then the answer is still NO. If your other income plus ss added totals more than 25,000 then up to 85% of you ss may have to be added back into your adjusted gross for tax purposes. Just get a form 1040A or form 1040 and work through it.

Answer 2

That depends on your other income and filing status, age is not a factor

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

Answer 3

It depends on your other income. Your social security payments to you can be 0% taxable, 50% taxable, or 85% taxable. It all depends on your other income.