Are Social Security Benefits Taxable?
It depends. There are three elements that go into answering this question. Your Social Security benefits, your income not counting Social Security, and the threshold amounts for your filing status. The threshold amounts are $0 for Married Filing Separate, $25,000 for Single and Head of Household, and $32,000 for Married Filing Joint.
A percentage of your Social Security is added to your other income and if this number exceeds the threshold amount, some of your Social Security is taxable. As much as 85% of your Social Security can be subject to taxation. We at Tulberg & Greenslit can discuss with you any options you may have to minimize the taxation of your Social Security benefits.