That is when you are 65 and older if so how much in percentage?
2007-04-15 02:41:28 · 5 answers · asked by Ronald B 1 in Business & Finance ➔ Taxes ➔ United States
your 1099 R will tell you how much is taxable .. if there is no amount in that block then the answer is no .. you will not have to pay taxes on it ...
Good Luck!
2007-04-18 12:43:39 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
Up to 85% of it can be taxed. That depends on what other income you have. If you have very little other income, then none of it is taxed.
The 1099 you get from social security shows how much you received, not the amount taxable or whether any of it will be.
2007-04-15 10:33:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes OR No. It depends.
It depends on how much income you have OTHER than Social Security. Up to 85% of your SS benefit is taxable, but it may not be that much. You have to calculate your "Modified Adjusted Gross Income" to determine how much of your benefit is taxed.
Generally, if you just have SS as your source of income, it will be not taxed.
- A Damn Fine Tax Advisor
2007-04-15 09:47:15 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋
you should have gotten a statement from SS that tells you how much is taxiable... it is a 1099. If you did not recieve it, the good news is that you can order a replacement online:
http://www.socialsecurity.gov/1099
The bad news is it will take 2 weeks....
2007-04-15 09:55:59 · answer #4 · answered by thevoiceofreason2b 5 · 0⤊ 1⤋
yes, rate depends on your other income. Rate is standard tax rate.
2007-04-15 09:44:07 · answer #5 · answered by Anonymous · 0⤊ 1⤋