Paying Income Taxes on Social Security Benefits
As the old adage goes, “nothing is certain but death and taxes” and that includes income taxes on your Social Security benefits. While it is a cause for great consternation, and even anger, among those who receive Social Security, it is nevertheless a certainty that if your income from all sources (including half of your Social Security benefits) exceeds $25,000 per year (filing as an individual) or $32,000 (filing married - jointly), the IRS will be including as much as 85% of your benefits in the total income you pay taxes on.This Forbes article by contributor David Rae explains all the details about how your Social Security income may be taxed by the IRS. Click here to read more.
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