Are my social security benefits taxable?

The Nuts & Bolts of Social Security in 7 Easy Tips

Based on your modified adjusted gross income, there may be some taxable social security benefits that you should be aware of.

Modified adjusted gross income (MAGI) includes:

  • Reportable income plus 1/2 of social security benefits received
  • Tax-exempt interest
  • Exclusions for qualified US savings bond interest
  • Adoption benefits
  • Foreign earned income
  • Allowable IRA deductions

If modified adjusted gross income exceeds the base amount, you will have taxable social security benefits.

Single and Head of Household taxpayers base amount is $25,000. Up to 50% of benefits will be taxable if MAGI is between $25,000 and $34,000, and up to 85% of benefits will be taxable if MAGI is above $34,000.

Married filing joint taxpayers base amount is $32,000. Up to 50% of benefits will be taxable if MAGI is between $32,000 and $44,000, and up to 85% of benefits will be taxable if MAGI is above $44,000.

You can learn more about taxable social security benefits by downloading our free eBook The Nuts & Bolts of Social Security in 7 Easy Tips including a way to save tax dollars.

This information is based on facts, assumptions and representations as stated and authorities that are subject to change.  We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER:  The information within this web site is for informational and educational purposes only and is not tax advice and should not be used as such.  The facts of each individual situation can have significantly different outcomes when applying tax law.  The hiring of a CPA is an important decision not to be based solely on advertisements.