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Video instructions and help with filling out and completing irs social security benefits worksheet 2021
Hello and welcome to weekend wisdom today we're gonna talk about Social Security and how its taxed so grab your cup of coffee sit back let's get started hello this is Michael Loftus for wealth and wisdom TV where education is the key to a successful financial future first up don't forget click show more for additional information and links on today's video also if you're looking for a different opinion that of Wall Street and big TV please do consider subscribing so social security big topic in fact one of our most watched videos have a link up here about social security at 17,000 views so not sure what took me so long but here's another topic social security and how we get taxed which is a big question for a lot of people all right so first up let's talk about if you are filing single head of household your incomes between twenty-five and thirty four thousand you'll be taxed at up to fifty percent above that thirty four thousand can be taxed up to eighty five percent if you're filing a tax return as married and joint you go from 32 to 42 thousand fifty percent in an above forty four thousand can be taxed up to eighty five percent next up what is combined income its pensions it's going to be income from a B annuities dividends interest anything like that would be considered and that's going to be part of your overall combined income so you need to think about that as it pertains to taxation of Social Security so let's give a quick example here let's say your adjusted gross income is thirty thousand dollars you have four thousand dollars in interest and you receive ten thousand and Social Security okay so you have thirty thousand dollars four thousand and taxable interest you would take 50 percent of your Social Security and your at thirty nine thousand dollars so that then would be your taxable income pretty simple there now things can get a little confusing so let me talk about another example here let's say your AGI adjusted gross income twenty five thousand you have $1,000 in taxable interest 12,000 in Social Security all right we have it right here you can see it now going through that again 25 thousand a thousand half of your Social Security of 6,000 you are $32,000 so you would say okay that's the 50% Taxation range yes but there's another benefit here from the IRS I'm gonna try and make this simple because it does get a little bit confusing okay so what the IRS says is we could be taxed on the lesser of half of your social security benefits or half of the difference between your combined income and the basin amount determined by social security administration who 32,000 in this example so it's a little bit confusing so let's go through it again $32,000 is your CI $7,000 above your base right.