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Post by madm002 on Apr 5, 2024 14:52:43 GMT -5
So now I am retired and on social security and some pensions. For those of you who have filed taxes after taking SS, do you get to offset your income with traditional deductions or the normal allotted deduction to get to an AGI, and from there they determine if you pass the 22k per year limit on income to avoid having SS taxes? Yeah I am a cheap guy, eventually I will sit down with a tax pro.
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Post by jcbcpa on Apr 5, 2024 16:03:00 GMT -5
Well, if I understand right, the normal allotted deduction that you're talking about is your standard deduction. It's taken from your AGI to give you "taxable" income.
Your deductions (itemized or standard) don't really have anything to do with how much of your SS would be taxable. You might have some adjustments to your total income that might
affect that amount but since your retired that's doubtful. Those would be things like IRA contributions, 1/2 of SE tax deduction, self employed health insurance deduction.
Basically once 1/2 of your and your spouses SS income plus your other income reach 32,000 there's a worksheet that has to be worked through to determine just how much of your SS would be taxable
up to a maximum of 85%. If you've been doing your own return you likely wouldn't have any trouble continuing that. Most tax programs now will compute that taxable part of SS for you.
But if you need some help, I'll be happy to answer questions.
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