Q & A
What’s the taxability of Social Security after marriage?
Full Question: I’m a 71-year-old widower and plan on marrying a 70-year-old widow. Her only income is her Social Security. I collect Social Security plus an IRA, from which I take a lump-sum distribution annually of $40,000. I can adjust this annual amount. I also have a few thousand in interest and dividends each year. Will our getting married cause our Social Security benefits to be taxed an additional amount?
Answer: As it stands now, your future wife will not pay taxes on her 2013 Social Security income since that was the only income she received. However, for 2014, if you are married, up to 85% of your Social Security benefits may be taxable if your income exceeds a “base amount.” The base amount takes into account one-half of your combined Social Security benefits, plus your taxable pensions, wages, interest, dividends and other taxable income, plus any tax-exempt interest and some other excludable income listed in IRS Publication 915. Read more…
Source: Judy O’Connor, Fox Business - February 7, 2014
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