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For the 2021 tax year (which you will file in 2022), 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.
Otherwise, taxes in the range of 3.75% to 5.99% apply, resulting in a tax bite of between $66.91 and $106.87 monthly on the average Social Security benefit. Utah. Utah’s flat tax rate of 4.85% ...
The percentage of your Social Security benefit subjected to taxes depends on how much you earn. The limit, known as the base amount, is $25,000 for single filers and $32,000 for joint filers.
But even those who exceed these thresholds can still deduct 75% of federally taxable Social Security benefits on their return. ... which has your total benefit amount received for the year in box ...
This article originally appeared on GOBankingRates.com: Social Security 2023: 5 Tax Breaks Social Security Recipients Qualify For But May Not Know About Show comments Advertisement
On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. ... amount will start in January 2023, ... single filers or $32,000 for joint filers pay no tax ...
Social Security recipients received a high cost-of-living adjustment (COLA) of 8.7% in 2023 — an average of $140 more per month — the largest hike in more than 40 years.
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023 ...