No changes on taxes on SS income since 1983!!

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Actually, people should have individually owned retirement accounts for their SS contributions. SS is a ponzi scheme and the Feds have already spent all of the "Trust Fund".

Speak for yourself, most senior are dependent of SS and the disabled.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

$24k is the standard deduction now. What in the Blue Hell are you talking about?

Not if you receive SS income, that goes by the AGI. So the 24000 doesn't count.

 

[boedicca]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Actually, people should have individually owned retirement accounts for their SS contributions. SS is a ponzi scheme and the Feds have already spent all of the "Trust Fund".

Speak for yourself, most senior are dependent of SS and the disabled.

If people were able to save and invest their own SS money, far less people would be dependent on the government. SS should be a safety net for the destitute, not a general pension program. The Ponzi scheme is collapsing.

 

[Toddsterpatriot]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

So do you only pay taxes on 1000, the cutoff is 25000 or pay taxes on all of the 26000?

You owe whatever taxes you would owe on your regular non-Social Security income.
If that income is over $25000, a portion of your Social Security is also taxable.

 

[Toddsterpatriot]

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

No, 50% of the $2600 is taxed so $1300 is taxable.

Yeah, Penelope is an idiot.
She also forgot to mention that it was Clinton, in 1993, who increased the max taxable amount to 85%.

So double tax, and everyone was involved with raising FICA.

Try again, in English?

 

[AzogtheDefiler]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

$24k is the standard deduction now. What in the Blue Hell are you talking about?

Not if you receive SS income, that goes by the AGI. So the 24000 doesn't count.

You will never pay taxes on more than 85% of your Social Security income.

 

[AzogtheDefiler]

Let’s look at an example. Say you’re a single filer who receives a monthly benefit of $1,410 (the average benefit in December 2017). Your total annual benefits would be $16,920. Half of that would be $8,460. Then let’s say you have a combined income of $30,000. The difference between your combined income and your base amount (which is $25,000 for single filers) is $5,000. So the taxable amount that you would enter on your federal income tax form is $5,000, because it is lower than half of your annual Social Security benefit.

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

So do you only pay taxes on 1000, the cutoff is 25000 or pay taxes on all of the 26000?

You owe whatever taxes you would owe on your regular non-Social Security income.
If that income is over $25000, a portion of your Social Security is also taxable.

So you would only owe on the 1000 above the cut off, so not the whole 26000?

 

[Wyatt earp]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

That is strange the welfare threshold has been raised since then but not SS.


.

 

[Penelope]

Let’s look at an example. Say you’re a single filer who receives a monthly benefit of $1,410 (the average benefit in December 2017). Your total annual benefits would be $16,920. Half of that would be $8,460. Then let’s say you have a combined income of $30,000. The difference between your combined income and your base amount (which is $25,000 for single filers) is $5,000. So the taxable amount that you would enter on your federal income tax form is $5,000, because it is lower than half of your annual Social Security benefit.

So a single person whose income in 30,000 only pays taxes on 5000. Ok that is what I wanted to know.

 

[Sun Devil 92]

Thank you St Reagan for making all those greedy, do-nothing seniors cough up their fair share.

St. Reagan saved SS.

Jimmy Carter passed a tax increase to "make it solvent for 30 years". Eighteen months later the trust fund was augering in. He passed a tax increase to save (which democrats love to tout about Reagan calling him a real taxer.

Total bullshit.

Carter was a moron.

 

[Toddsterpatriot]

Yeah, we know....... Since 1983 you say? I wonder which political party has been in power since then and has done nothing about it? Oh yeah, both........ Both parties must really love the rich.......

Apparently they just both ignore it. I wrote to both our senators in MI.

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount. Also do you get to deduct the standard deduction??

I wonder if you make 26000, do you have to pay 50% on your total earnings or just above that amount.

There is no 50% tax rate on your benefits.

So do you only pay taxes on 1000, the cutoff is 25000 or pay taxes on all of the 26000?

You owe whatever taxes you would owe on your regular non-Social Security income.
If that income is over $25000, a portion of your Social Security is also taxable.

So you would only owe on the 1000 above the cut off, so not the whole 26000?

You can figure the taxable amount of the benefits in Are My Social Security or Railroad Retirement Tier I Benefits Taxable?, on a worksheet in the Instructions for Form 1040 or in Publication 915, Social Security and Equivalent Railroad Retirement Benefits.


Social Security Income | Internal Revenue Service

 

[Penelope]

A majority of people receiving Social Security benefits pay income tax on some of those earnings. That's because, as of 1983, Social Security payments have been subject to taxation above certain income thresholds. With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too.

A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. These include carefully planning when—and in what order—you withdraw money from tax-sheltered retirement accounts. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.

Individual Tax Rates

Benefits will be subject to tax if you file a federal tax return as an "individual" and your combined income from all sources is as follows:

• Between $25,000 and $34,000: You may have to pay income tax on up to 50% of your benefits.
• More than $34,000: Up to 85% of your benefits may be taxable.

Married Tax Rates

For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows:

• Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits.
• More than $44,000: Up to 85% of your benefits may be taxable.

Avoid Paying Taxes on Social Security Income

----------------------------------------------
This is unreal, a forgotten tax if there ever was one. They should be raised up according to inflation. The rich can get their tax cut, but screw the seniors or disabled.

That is strange the welfare threshold has been raised since then but not SS.


.

And the standard deduction and the personal exemption and well now just the standard deduction.

 

[AzogtheDefiler]

Let’s look at an example. Say you’re a single filer who receives a monthly benefit of $1,410 (the average benefit in December 2017). Your total annual benefits would be $16,920. Half of that would be $8,460. Then let’s say you have a combined income of $30,000. The difference between your combined income and your base amount (which is $25,000 for single filers) is $5,000. So the taxable amount that you would enter on your federal income tax form is $5,000, because it is lower than half of your annual Social Security benefit.

So a single person whose income in 30,000 only pays taxes on 5000. Ok that is what I wanted to know.

You’re welcome.

 

[Penelope]

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000
----------------------------------------

I am sure in those years it was good money, but not today, why has not this not been raised with inflation. Everything else has , even min wage. Today states give more than 7.25 an hour.

 

[Toddsterpatriot]

In other words, $32,000 in 1983 is equivalent in purchasing power to about $80,676.89 in 2018, a difference of $48,676.89 over 35 years. The 1983 inflation rate was 3.21%. The inflation rate in 2018 was 2.44%.
$32,000 in 1983 → 2018 | Inflation Calculator

www.in2013dollars.com › 1983-dollars-in-2018 › amount=32000
----------------------------------------

I am sure in those years it was good money, but not today, why has not this not been raised with inflation. Everything else has , even min wage. Today states give more than 7.25 an hour.

Somebody has to keep Social Security solvent.
As a rich retiree, you're it.

 

[Penelope]

Let’s look at an example. Say you’re a single filer who receives a monthly benefit of $1,410 (the average benefit in December 2017). Your total annual benefits would be $16,920. Half of that would be $8,460. Then let’s say you have a combined income of $30,000. The difference between your combined income and your base amount (which is $25,000 for single filers) is $5,000. So the taxable amount that you would enter on your federal income tax form is $5,000, because it is lower than half of your annual Social Security benefit.

So a single person whose income in 30,000 only pays taxes on 5000. Ok that is what I wanted to know.

You’re welcome.

I don't think you are correct, by my calculations you would pay taxes on 21,540. 50% of you SS benefit and the amount of 30 grand minus the 16,920.