Is my Social Security income taxable?

Modified on Wed, 24 Jan 2024 at 01:49 PM

Social Security income is generally taxable. However, paying taxes on this income is dependent on your income level and filing status.

 

Per the IRS: to find out if your social security benefits are taxable, take one half of the Social Security money you collected during the year and add it to your other income (things like pensions, wages, interest, dividends, or capital gains) to get your Modified Adjusted Gross Income (Modified AGI).

 

Guidelines Set By The IRS:

  • If you are filing Single, Married Filing Separate (not living together), Head of Household or Qualifying Widow: 

    • $0-$25,000 Modified AGI: No benefits are taxable

    • $25,000 to $34,000 Modified AGI: 50% of the benefits may be taxable

    • $34,000+ Modified AGI: Up to 85% of the benefits may be taxable

  • If you are Married Filing Jointly (MFJ):

    • $0-$32,000 Modified AGI: No benefits are taxable

    • $32,000 to $44,000 Modified AGI: 50% of the benefits may be taxable

    • $44,000+: Modified AGI: Up to 85% of the benefits may be taxable

  • If you are Married Filing Separately but living together

    • There is no income threshold, it will all be taxable. 

If you have added all your income and find you are above the Modified AGI limits to be considered non-taxable income, please refer to the IRS’s Social Security Income page for more information.

 

Additional Resources:

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

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