Here’s Who Needs to Pay Taxes on Their Social Security Income

Just because you are no longer working does not mean you do not need to pay taxes. According to U.S. News & World Report, you may have to pay taxes on a portion of your Social Security benefits “if you have retirement income from multiple sources such as pensions, account distributions or side jobs.”

If Social Security is your sole source of income in retirement, you can keep the full amount. That’s because Social Security by itself is not taxable. However, if you have additional income sources then you can figure out if you owe by adding your adjusted gross income, your nontaxable interest, and half your Social Security benefit. If that amount is more than $25,000 as an individual or $32,000 as a married couple, you must pay federal income taxes on part of your Social Security income.

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.