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Old 07-01-2013, 07:26 AM
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Taxable Pension and Social Security

I am retired,with my pension and Social Security , I will bring in $25,341.00 for 2013..My wife is still working and her's should be about $16,000.00---This is already Taxed,Marreied filing jointly,Bringing the total Amount To $41324.16..What percentage of my pension and Social Security is taxable at what Tax Rate ???



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Old 07-01-2013, 04:31 PM
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Quote:
Originally Posted by patriciaowens86 View Post
#1:I am retired,with my pension and Social Security , I will bring in $25,341.00 for 2013..My wife is still working and her's should be about $16,000.00---This is already Taxed,Marreied filing jointly,Bringing the total Amount To $41324.16..What percentage of my pension and Social Security is taxable at what Tax Rate ???


#1:It depends on your provisional income amount(I mean (MAGI); MAGI=AGI +tax exempt interest+50% of soc sec benefits. As a joint filer, as long as your MAGI is between $32K and $44K, then your soc sec benefits’d be taxed at 85%, if MAGI is over $44K, then your Soc sec benefits’d be taxed at 85%.For example, assume that your MAGI is $55K, and your soc sec benfits is $20K, then taxable soc sec benefits’d be $15,300; the lesser of 85% of soc sec benefits, $17K, or 85% of MAGI over $44K , plus the lesser of $6K or 50% of soc sec benefits, $15,300.So, $15,300 of $20K ‘d be included in your gross income and would be taxed at your marginal tax rate.Howewver, UNLESS your MAGI amount exceeds $32K, your soc sec benfits'd not be be subject to income tax.


Last edited by Wnhough : 07-01-2013 at 04:33 PM.


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