Man Retired With $4M Told Wife To 'Pretend We Are Dead Broke'

[leftwinger]

I don't recall any 85%. I'll look again. Is that California's state tax from re counting SS income?

No that is federal. CA uses FED AGI as a "starting point" i rhink. Other states do also.

If you have any meaningful income to live above SS, 85% of your SS becomes income too.

Pretty sure on that. If you live on $3K per month SS only. Most is wiped out married joint std deduction $31500 anyways.

The whole thing is still far too complicated. I tried once or twice to look into that SS schedule and it is a mess!!! But I dont seen to have it wrong based on internet searches agree with me.

 

[leftwinger]

Taxable table for SS benefits.

Filing Status	Combined Income Range	Taxable Portion of Benefits
Single, Head of Household, or Married Filing Separately (living apart)	Under $25,000	0%
Single, Head of Household, or Married Filing Separately (living apart)	$25,001 – $34,000	Up to 50%
Single, Head of Household, or Married Filing Separately (living apart)	Over $34,000	Up to 85%
Married Filing Jointly	Under $32,000	0%
Married Filing Jointly	$32,001 – $44,000	Up to 50%
Married Filing Jointly	Over $44,000	Up to 85%
Married Filing Separately (living together)	Any income	Up to 85%

 

[HikerGuy83]

Dems give it to the people,

 

[EdwinAMartin]

Federal taxes based on income.

Single, Head of Household, or Qualifying Widow(er):
Under $25,000: Not Taxable.
$25,000 – $34,000: Up to 50% taxable.
Over $34,000: Up to 85% taxable.

Married Filing Jointly:
Under $32,000: Not Taxable.
$32,000 – $44,000: Up to 50% taxable.
Over $44,000: Up to 85% taxable.

WW

Social security income doesn't full count on the Federal form, and this year none of it counts toward your income. And you still get the increased personal deduction for the elderly, don't recall the additional amount, somewhere like $1,500-$2,500 additional. I haven't done mine yet since not much of it is reportable and the little that is doesn't top $14K.

 

[Thinker101]

Dems give it to the people, Republicans give it to corporations, and themselves.

See: Trump

Yep, but Dems have you bend over before giving it to you.

 

[leftwinger]

Battery going. Winning though on Iran over Stain. And winning on all MinnesotaStann.

<snickering>

 

[EdwinAMartin]

Federal taxes based on income.

Single, Head of Household, or Qualifying Widow(er):
Under $25,000: Not Taxable.
$25,000 – $34,000: Up to 50% taxable.
Over $34,000: Up to 85% taxable.

Married Filing Jointly:
Under $32,000: Not Taxable.
$32,000 – $44,000: Up to 50% taxable.
Over $44,000: Up to 85% taxable.

WW

Read the tax forms. SS is not fully reported towards income.

 

[WorldWatcher]

Social security income doesn't full count on the Federal form, and this year none of it counts toward your income.

This is incorrect.

Yes, if you have income over the threshold previously posted then SS is taxed at 50% or 85%.

You may be confusing that temporary OBBB additional Senior deduction of $6,000 which is addition to the $2,000 standard Senior Deduction ($8,000 total). Double those for married filing jointly.

And you still get the increased personal deduction for the elderly, don't recall the additional amount, somewhere like $1,500-$2,500 additional. I haven't done mine yet since not much of it is reportable and the little that is doesn't top $14K.

If your taxable income is truley less than $14,000 a year in addition to SS security. With the senior deductions you should have anything to worry about.

WW

 

[WorldWatcher]

Read the tax forms. SS is not fully reported towards income.

Yes, it is fully reported towards income as part of Gross Income which is the amounted listed on your SSA-1099. The percentage counting is a function of Adjusted Gross Income is a different matter.

WW