Do I Have to Pay Taxes on my Social Security Benefit?

Retirement CentralTax Strategies
Written By gbfadmin
paying taxes on social security

paying taxes on social security

If your “combined income” exceeds specific annual limits, you may owe federal income taxes on up to 50% or 85% of your Social Security benefits.  The limits for federal income tax purposes are listed in the chart below.

percent of social security taxed

percent of social security taxed

The federal income thresholds are not indexed for inflation, so they are the same every year.  “Combined income” is defined as adjusted gross income plus any tax-exempt interest plus 50% of your Social Security Benefit.  Some states tax Social Security Benefits, whereas others do not tax them.  See the chart below:

what states do not tax social security benefits

what states do not tax social security benefits

Michael Ruger

Michael Ruger

About Michael……...

Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.

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