Ask Larry

Will I Have To Pay Taxes On My Social Security?

i estimate my income with ss to be about 30,000 will i pay income taxes on ss. i am single and no dependents

Hi,

That probably depends on how much of your $30,000 income comes from Social Security. Half of your Social Security benefits are excluded when determining your combined income for benefit taxation purposes, and if your resulting combined income is below $25,000 then you wouldn't be required to pay federal income taxes on your benefits. For more information on taxation of benefits, refer to Social Security's website: https://www.ssa.gov/planners/taxes.html.

Best, Jerry

Posted: 
Jan 5 2018 - 7:18am
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