Income tax on Social SecurityWill you pay income tax on Social Security payments? If Social Security is your only income, usually your benefits are not taxable, and you do not need to file a federal income tax return. See a tax consultant, at least the first year you begin Social Security to assure yourself on your tax status. If you do have income plus Social Security payments, you may have to pay federal income taxes on your Social Security benefits. You'll pay taxes on Social Security if you have income (working wages, interest on investments, and other taxable income on your tax return). The maximum federal tax is payable on 85 percent of your Social Security benefit, per IRS rules. Learn more about Social Security and Retirement here! To learn more, get the details directly from the Social Security site! More on Social Security Benefits... New! CommentsPlease consider leaving your two cents... questions and comments about what you just read! It only takes one retirees thoughts to help another retiree... |
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