You may have to pay taxes on a portion of your Social Security benefits depending on your income. Here’s what you should know.
Some VERIFY readers want to know whether they’ll have to pay taxes on certain government benefits they receive. Harry asked if Social Security payments are taxable. . Some of those exemptions include inheritance, gifts, death insurance and life insurance, according to Mark Steber, chief tax information officer at Jackson Hewitt.No one who receives Social Security payments pays taxes on their full benefit amount, Steber said. But you’ll have to pay more as your income increases.
Half of your Social Security benefits plus all other income is more than $44,000 for a married couple filing jointly. Half of your Social Security benefits plus all other income is between $32,000 to $44,000 for a married couple filing jointly.
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