Social Security Payments

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Paul
Paul Member Posts: 1 Newcomer
edited January 15 in Retirement Income

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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  • GerhardtQ
    GerhardtQ FreeTaxUSA Agent Posts: 11
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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:

    https://www.ssa.gov/benefits/retirement/planner/taxes.html