Social Security Payments
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Paul
Member Newcomer
If I start collecting SS in the middle of a year after I have already made over 50k will I have to pay tax on my SS?
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Answers
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Generally, your Social Security Income will be taxable if you received substantial income in addition to your benefits during the year. Substantial income includes wages, earnings from self-employment, interest, dividends, and other taxable income that must be reported on your tax return.
If you have already made over $50,000 during the year, it's highly likely that approximately 85% of your Social Security Benefits will be included in your taxable income for the year. This is consistent with the information provided on the Social Security Administration's website here:
