How to Determine If Social Security Benefits Are Taxable

Save
Next Video:
How to Determine If You Have to File an Income Tax Return....5

Social security benefits are only taxable when any additional income is more than $32,000 for a married person or more than $25,000 for a single person. Determine if social security benefits are taxable with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
Promoted By Zergnet

Comments

Video Transcript

On this segment we will talk about social security. There is a social security worksheet to determine how much social security tax, how much social security is going to be taxable on your tax return. If your only income is social security, you do not need to file a tax return. But if you have additional income and that income is more than 32,000 if you're married filing jointly or 25,000 if you're a single person, then a portion of your social security may become taxable. Up to 85% of the social security you received could become taxable. But that depends on your other income. It's on a sliding scale, there's a very complicated form that you can get to figure how much is taxable or not taxable. A tax practitioner can tell you quickly whether any of your social security will be taxable or not. Thank you very much.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!