Here’s an example: Let’s say you’re a single filer who receives a monthly benefit of $1,827, which is the average benefit for 2023.

half of the difference between your combined income and the IRS base amount.

half of your annual Social Security benefits OR.

If 50% of your benefits are subject to tax, the exact amount you include in your taxable income (meaning on your Form 1040) will be the lesser of either: If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security payments.

If your combined income is more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.įor married couples filing a joint return, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000.

Single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If you file your income tax return as an individual with a total income that’s less than $25,000, you won’t have to pay taxes on your Social Security benefits. However, you will never pay taxes on more than 85% of your Social Security income, though the income brackets will vary by filing status. If your Social Security income is taxable, the amount you pay will depend on your total combined retirement income. How to Calculate Your Social Security Income Taxes However, if you’re married and file separately, you’ll likely have to pay taxes on your Social Security income. The 2023 limit for joint filers is $32,000. The limit for 2023 is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child. If your combined income is above a certain limit (the IRS calls this limit the base amount), you will need to pay at least some tax. This number is known as your combined income, and this is how it’s calculated:Ĭombined Income = Adjusted Gross Income (AGI) + Nontaxable Interest + 1/2 of Social Security benefits According to the IRS, the best way to see if you’ll owe taxes on your Social Security income is to take one half of your Social Security benefits and add that amount to all your other income.

Times table of 4 up to 100