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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
What Federal Tax Rate Percentage Will I Have To Pay On My Benefits?
I am going to retire 66 and 2 months in May of 2021. I would like to know how much federal tax I will have to pay. I read an answer of yours already and know that based on total income that I will either have to pay taxes of either 50 to 85%. My question is at what federal tax rate percentage will I have to pay. 20% 25 %?? Does it depend in what state I live which is New York?
Hi,
I'm sorry, but my expertise is limited to Social Security benefits so I'm unable to answer income tax questions. For information on how much of your Social Security benefits could be counted as taxable income, I would refer you to the following Social Security website: https://www.ssa.gov/planners/taxes.html. However, federal tax rates vary depending on a person's taxable income level.
Best, Jerry
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February 20, 2020