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Social Security Social Security benefits and tax issues


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Old 01-17-2007, 02:14 AM
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Social Security benefits taxable?

Are my Social Security benefits taxable?



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Old 01-23-2007, 12:59 AM
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Paul,

Your Social security may be taxable based on your income, but it is not an easy calculation because they IRS employs a complicated method/formula, and my tax program will do these complex steps to arrive at a portion that may be taxable.

If you have material other income, say your AGI >$30,000 w/o considering Social Security benefits, and you have no Schedule A deductions, it is possible that some of the benefits would be taxable.

And, if you have no material other income, say that income <$15,000, most likely you would escape paying any taxes.

I really would need more detailed information on your other income, filing status, schedule A items of expenses such as mortgage interest and taxes in order to give a definite answer.



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