US Government Information/taxes on social security
If I continue to work after I start collecting social security benefits at age 66, will I be taxed on my wages and social security benefits combined?
Yes, Social Security benefits can be federally tax. You can find more details in IRS Publication 915.
Social Security benefits can be taxable 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
Social Security benefits can be taxable if you 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.
If you are married and file a separate tax return, you probably will pay taxes on your benefits.
Your adjusted gross income
+ Nontaxable interest
+ 1/2 of your Social Security benefits
= Your "combined income"
Your federal tax return will request information about your Social Security benefits shown on the 1099 you will receive from Social Security.