A reminder: Taxpayers receiving Social Security (SS) benefits may have to pay federal income tax on a portion of those benefits

June 29, 2020

A reminder: Taxpayers receiving Social Security (SS) benefits may have to pay federal income tax on a portion of those benefits. For example, up to 85% of a taxpayer’s benefits may be taxable if he or she is:

1) filing single, head of household or qualifying widow or widower with more than $34,000 income,
2) married filing jointly with more than $44,000 income,
3) married filing separately and lived apart from their spouse for all of 2019 with more than $34,000 income, or
4) married filing separately and lived with their spouse at any time during 2019.

Social Security benefits include monthly retirement, survivor and disability benefits.

Learn more: https://bit.ly/2CyOgkX