Those individuals who receive social security income may find that income is partially taxable when the file their income tax returns.
- If you are single and your total “combined” income (an IRS term for adjusted gross income from your tax return plus nontaxable interest income plus one half of your social security income) for the year is between $25,000 and $34,000, then up to 50% of your social security benefits can be taxable.
- If you are single and your total combined income for the year is greater than $34,000, then up to 85% of your social security income may be taxable
- If you are married filing jointly and your total combined income for the year is between $32,000 and $44,000, then up to 50% of the social security income may be taxable.
- If you are married filing jointly and your total combined income for the year is above $44,000, then up to 85% of your social security income can be taxable.