Is social security taxed?
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: How can I tell if social security income will be taxable once I start receiving my first checks later this year?
A: Generally, if social security benefits were your only income, your benefits are not taxable. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. The following quick computation can be used to determine whether some of your benefits may be taxable: Add one–half of the total social security you received to all your other income, including any tax exempt interest and other exclusions from income. Then, compare this total to the base amount for your filing status. The 2005 base amounts are: $32,000 for married couples filing jointly ($0 for married persons filing separately who lived together during the year) $25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year
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