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Social Security Taxation
- Up to 85% of benefits are taxable for individuals with gross income of at least $25,000 or couples with $32,000.
- Up to 85% is taxable for individuals with $34,000 or couples with $44,000.
- Retirees with income only from Social Security often won’t be taxed.
Tax Calculation and Rates
- Up to 85% or 50% will be taxable depending on income.
- Social Security can be taxed at any age if income is above a level.
- State taxes on benefits also vary.
Taxable Amount Determination
- Benefits will increase 8.7% in 2023.
- Maximum taxable earnings will be $160,200.
How to Calculate Taxable Amount
- The IRS calculates this using "combined income."
Summary
- Up to 85% of Social Security benefits may be subject to taxes at your ordinary income tax rate.
- Retirees with little income outside of Social Security generally won’t be taxed on their benefits.
Filing Requirements
- Up to 50% of Social Security income is taxable for individuals with a total gross income including Social Security of at least $25,000 or couples filing jointly with a combined gross income of at least $32,000.
- Up to 85% of Social Security benefits are taxable for an individual with a combined gross income of at least $34,000 or a couple filing jointly with a combined gross income of at least $44,000.
Tax Form Information
- You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR.
