Social Security Benefits and Taxes
There are numerous IRS tax regulations that pertain to Social Security benefits. Full details are available in this comprehensive guide.
Overview
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Taxable Thresholds – ½ SS plus other income
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Married filing jointly - $32,000
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Others (except MS lived together) - $25,000
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MS lived together - 85% of all SS is taxable
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Excess Earnings limit (2024): $22,320 (up from $21,240 in 2023),
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Quarter of Coverage (2024): $1,730 (up from $1,640 in 2023),
Related IRS Publications and Forms
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Form W-4V - Voluntary Withholding Request
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Form SSA-1099 – Social Security Statement
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Form RRB-1099 - Railroad equivalent to the SSA-1099
• IRC Sec 86 - Social Security & Tier 1 Railroad Retirement Benefits
The current law (IRC Sec 86) is a two-tier method of taxing Social Security benefits (or Tier 1 Railroad Retirement). Social Security benefits include monthly survivor and disability benefits, but not supplemental security income (SSI) payments, which aren’t taxable. The following discussion refers to Social Security income only; however, the rules cited apply to Tier 1 Railroad Retirement as well.