WorldWatcher
Platinum Member
I'm sorry I was going by memory.
"The Social Security Act Amendments of 1983 (Public Law 98-21) established that beneficiaries whose total annual income exceeds certain thresholds are required to pay income tax on up to 50 percent of their Social Security benefit income. Ten years later, the Omnibus Budget Reconciliation Act of 1993 (OBRA 93, Public Law 103-66) established an additional higher threshold, above which up to 85 percent of Social Security benefits are taxable. The 1983 amendments require beneficiaries to pay income tax on their benefits if their modified adjusted gross income (AGI)—which includes one-half of Social Security benefit income—is greater than $25,000 for single beneficiaries and $32,000 for married couples (Table 1). Specifically, beneficiaries who file taxes singly must count as taxable income the lesser of one-half of the amount by which modified AGI exceeds $25,000 or one-half of their benefit income. Married beneficiaries filing joint income tax returns are required to count as taxable income the lesser of one-half of the amount by which modified AGI exceeds $32,000 or one-half of their benefit income. Prior to OBRA 93, all of the revenue raised from taxing Social Security benefits was credited to the Old-Age, Survivors, and Disability Insurance Trust Funds."
SS Income IS PART of the determining threshold for whether income tax is paid on SS.
Again, just because you pay taxes on SS does not mean you are wealthy.
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Research: Income Taxes on Social Security Benefits
Social Security Administration Research, Statistics, and Policy Analysis
www.ssa.gov
