Got my Tax Refund today
- Thread starter Trade
- Start date
Gark
New Member
- Location
- SW Michigan
That fed taxation of SS in comparison with other incomes is pretty dang convoluted for a dummkopf like me. Yah, I know there are
calculators to kinda guess SS tax damage on your return, but start making adjustment or reduction of this/that and the whole result goes
whacky. Doin' my best to dink around with different scenarios of incomes in H&R Block tax program on the PC. This year it looks like our SS
will be taxed at 71% of it. Thanks, Bill Clinton!!
calculators to kinda guess SS tax damage on your return, but start making adjustment or reduction of this/that and the whole result goes
whacky. Doin' my best to dink around with different scenarios of incomes in H&R Block tax program on the PC. This year it looks like our SS
will be taxed at 71% of it. Thanks, Bill Clinton!!
Nathan
SF VIP
- Location
- High Desert- Calif.
Wow, that was quick, I just got my 1099 forms yesterday.
LadyEmeraude
Well-known Member
I got my tax return yesterday. I filed two weeks ago.
Tom52
Member
- Location
- The Villages, Florida
Am right to assume you have quite a bit of other taxable income besides SS? My understanding was that seniors living primarily only on SS would generally not have to pay income taxes.It was about 1/2 of what it would have been if Social Security had been made tax free instead of just giving us that extra $6,000 deduction which is only temporary.For the 2025 tax year 59% of our social security ended up being taxed.
Sunkist
Member
That's what I thought, too..
I'm not sure how many people could live on SS only. I think if they were that level of income they'd be qualifying for other assistance programs (SSI, food stamps, etc).
As a monthly amount, the poverty line is $1304, the average SS monthly payment is $2071, and the average monthly expenses are $4641. So on average SS can cover about 44% of a person's expenses (and less after taxes).
I'm still waiting on the rest of my tax papers to file. They're in the mail but have had no mail for a week die to the ice and snow.
I hope that's right.
Sunkist
Member
When I became self-employed, I stopped using paper forms and started using an online option.. much easier.
Since my husband passed away last February, he has papers I'm waiting on. I'm not sure what all. I think interest on some things. He didn't do business online so I have to wait for the mail. I do most of my business online but we always had separate accounts. The tax guy said I had to file jointly this year, so I can't circumvent it.