Tax Question about Social Security Benefits

K

kim7346

New Member
Location
Minnesota
Trying to figure out my income -- Social Security benefits plus other sources.

Question: Does the government count your ENTIRE social security benefit toward your income, or do they only count what you receive AFTER they have deducted your Medicare Part B premium? Just retired and trying to figure what my modified adjusted gross income will be. Social Security total or Social Security minus Medicare Part B premium? :unsure:
 

The answer is none of the above.
You are taxed at between zero and 85% of the entire benefit depending on your income:
You'll be taxed on: up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly. up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple)
 
If your combined income exceeds the threshold amounts, an IRS formula is applied to determine how much of your benefits are taxable. The result of these calculations will be that you pay taxes on the lower of:
  • 85% of your Social Security benefits
  • 50% of the benefits plus 85% of the amount of combined income over the second threshold amount
  • 50% of the amount of combined income over the first threshold amount, plus 35% of the amount of combined income over the second threshold amount
 

mathjak107 said:
If your combined income exceeds the threshold amounts, an IRS formula is applied to determine how much of your benefits are taxable. The result of these calculations will be that you pay taxes on the lower of:
  • 85% of your Social Security benefits
  • 50% of the benefits plus 85% of the amount of combined income over the second threshold amount
  • 50% of the amount of combined income over the first threshold amount, plus 35% of the amount of combined income over the second threshold amount
Click to expand...
I have no ideal what you mean. 😂. Good thing I have my taxes done.
 

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