“Do I Pay Tax On My Social Security Benefits?”
Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
“Are My Social Security Benefits Taxed?”
There’s good news and bad news….
The good news: If you don’t have any other income other than your Social Security, chances are you won’t pay much tax.
The bad news: If you’re like MOST people
and you’re receiving other income other than just your Social Security, your Social Security benefits WILL be taxed..and in some cases up to 85%!!
Social Security Benefit Tax Rates
To determine the percentage of your Social Security benefits that are taxable , calculate your “provisional income,” which is your adjusted gross income (not counting Social Security benefits), plus any nontaxable
interest and half of your Social Security
benefits.
If that total is less than $25,000 if you’re
single or $32,000 if married filing jointly, your
Social Security benefits are not taxable.
If your provisional income is more than $34,000
on a single return or $44,000 on a joint return,
85% of your benefits may be taxable.
Social Security Taxes Are Different
An entirely different issue, and one that infuriates many people, is the amount of Social Security tax you pay on your regular income.
The issue of course is
“If I pay tax on my income initially to fund my
Social Security, why should I pay tax on it again?“
This is an entirely different tax and issue…more on this in a later newsletter.
Reach Out To Me If You Have Questions.
If you have comments or questions about any of this…send me an email :ironkop@gmailcomor if reading on my blog or Facebook page leave your questions or comments below.
Remember…..
“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com
www.KevinPLaw.com
do you file taxes on social security 2019
If you mean do you have to PAY tax on your Social Security
in 2019 the answer depends on how much total income you have
for that year. If your total agi is below the income level
set for that year, you pay no tax. Hope this answers your
question.
Kevin
Depends on how much money (ordinary income and other income) you make for that year.
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Best
Kevin Pritchett, Esq
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Kevin Pritchett, Esq