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Some people are required to pay taxes on their social security benefits, according to the IRS. Generally this applies to people with many additional sources of income, like wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return. You may need to pay federal taxes of up to 85 percent on your Social Security benefits. IRS guidelines state that if you:
- file a federal tax return as an "individual"and your combined income is:
- between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $34,000, up to 85 percent of your benefits may be taxable.
- file a joint return, and you and your spouse have a combined income that is:
- between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
more than $44,000, up to 85 percent of your benefits may be taxable.
- are married and file a separate tax return, you probably will pay taxes on your benefits.
Get started Ask a Lawyer Answer some questions. We’ll take care of the rest.
Get started Ask a Lawyer Answer some questions. We’ll take care of the rest.