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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.
Depending on your income, your tax filing status and whether you participate in an employer-sponsored plan such as a 401(k), your contributions to an IRA may be partially or fully tax-deductible.
You can use Worksheet 1 in IRS Publication 915 to figure out exactly how much you’ll pay in taxes on your Social Security benefits. In general, though, if your provisional income is below ...
For example, in Colorado, residents ages 65 and older have been able to fully deduct federally taxed Social Security benefits on their state income tax returns since tax year 2022. For 2025, that ...
In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions, for example, are taxed when you begin making withdrawals in retirement later down the road. Pre-tax ...
Here are 13 states that won't tax your Social Security, 401(k), individual retirement account (IRA), or pension income. A map of the U.S. overlaid with $100 bills. Image source: Getty Images.
A note: 401(k) contributions are made with pre-tax money, but they don’t affect the FICA tax rate, which is used for funding Social Security and Medicare. Are 401(k) Withdrawals Tax Free?
For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.