85% of your Social Security is taxed if your income is over a certain $$… I thought if it was over $41,000.. You either pay it out of every SS check or pay it at the end of the year when you file... but you DO pay...
My dad worked for the Railroad for 43 years. His SS wasn't even close to 41,000 a year. Combined between my mom and dad it was just over 25,000 a year. But they never payed taxes on it. Now just my mom, she takes in a measly 12,000 and change a year. If she wasn't married to my dad, her income would be less than 8,000 a year.
It isn't if your SS is over $41,000 or whatever it is, it's if your AGI is over the baseline. That includes all your income, like salary if you are still working, or taxable pensions, etc.
The maximum monthly Social Security benefit at full or normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years.
Maximum annual benefit= $34,332.
By contrast, my annual SS benefit is $5280, pays my Medicare part B premium with some left over for a few sundries.
Only a fool is sure of everything, a wise man keeps on guessing.
Edited for spelling, grammar, punctuation, composition and general cohesive train of thought.
We file jointly.. Both of us have SS checks... you have to remember that both my husband an I were full time workers. Both of us worked for 40+ years.. so our SS checks reflect that. We both are old enough to have worked in places that offered actual pensions.. and we both invested in annuities which offer a guaranteed monthly payment... Add that all together and we pay federal tax on 85% of our SS benefits. Doesn't mean we are rich.. if we were.. Trump would have given us a nice fat tax break..
Post by QuickSilver on Feb 13, 2019 6:33:17 GMT -5
So..from what I have been reading.. people are getting back less because they paid in less through out the year.. therefore they really got NOTHING from the tax scam.. they were only tricked into thinking they were.. As for retirees.. We did not change the percentage we have withheld from our SS checks.. Our deductions will not be affected either as we fall under the $10,000 mark paid in state and local taxes. We never get to itemize either. So therefore, with the doubled standard deduction, we should be ok.. I don't think we will have to pay in fact we might even get a refund... having our CPA do our taxes on March 19th... I'll let you know.
I have been paying tax since I first retired. Besides my Social Security, I have a pension from the state of Oregon from working for the state hospital and the Corrections system. I have no deductions except the standard one (my house, car & truck are paid for and I pay off my credit cards monthly) but I understand that many of the old deductions have been reduced or outright eliminated. I do pay real estate taxes, but they aren't enough to be able to take off my income. Because of that I actually got $200 more back from the IRS this year (I have income tax deducted from both income monthly when the check comes) than last year.