Exactly how much tax do I pay on social security benefits?

Forum|Forum|1 year ago
October 29, 2024
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I'm trying to figure out how much tax I will pay on social security benefits for 2024.

I will get approximately $28,000 from Social Security this year. And from the info I am gathering, you don't pay any tax at all if the amount is less than $25,000.

So in my case, where it is over $25,000, is the entire amount of $28,000 considered taxable? Or just the amount above $25,000?

1. Will I be paying tax on the entire $28,000?

2. Or am I paying tax on only the portion above $25,000 (which would be tax on only $3,000)?

This is so confusing to me.

VolvoGirl

Employee

It's complicated. Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

To see the Social Security Benefits Calculation Worksheet in Turbo Tax Online version you would have to save your return with all the worksheets to your computer. Or if you are using the Desktop CD/Download Software you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the right side.

If you only get a SSA-1099 it is not taxable and you don't have to report it or file a tax return.