Since retirement income is all about the dollars you get to keep in your pocket, it’s helpful to know how much of your Social Security benefits you’ll have to give up in taxes.
That’s what this taxable Social Security benefits calculator is designed to do: Give you an estimate of how much you’ll have to pay in taxes on your monthly benefits.
ACCESS THE CALCULATOR HERE
Before you use this calculator, it may be helpful for you to read a few of my articles on the taxation of Social Security in conjunction with using this calculator.
–Taxes on Social Security
–The Danger Zone In Social Security Taxation
–The Double Taxation of Social Security
➡️Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page!
➡️Get the retirement planning Cheat Sheet! This simplifies the contributions and income limits, tax tables, and other important rules to just one page.
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔Why Filing Early Can Be the Best Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
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See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
I am an actual practicing financial planner, but I’m not YOUR financial planner. Don’t take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
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⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors.
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Taxable Social Security Benefits Calculator: A Tool for Estimating the Amount of Taxable Social Security Benefits
Social Security benefits play a critical role in providing financial support to millions of Americans, including retirees, disabled individuals, and dependents. However, it is essential to understand that not all Social Security benefits are tax-free. Depending on your total income, you may have to pay taxes on a portion of your Social Security benefits.
The amount of Social Security benefits that are taxable depends on several factors, such as your filing status, combined income, and tax-exempt interest income. To help retirees and Social Security beneficiaries determine the amount of their taxable Social Security benefits, the Internal Revenue Service (IRS) has created a Taxable Social Security Benefits Calculator.
The Taxable Social Security Benefits Calculator is an online tool that estimates the amount of Social Security benefits that are subject to federal income tax based on the input of various factors, such as the provisional income and filing status of the retiree. The tool requires users to input information such as their age, filing status, Social Security benefits received, tax-exempt interest income, and other sources of income such as wages, pensions, and investment income.
Once the required information is entered, the calculator then determines the provisional income, which is the sum of half of the Social Security benefits, total income, and tax-exempt interest income. The calculator then compares the provisional income with the base amount of $25,000 for single filers and $32,000 for joint filers to arrive at the taxable portion of Social Security benefits.
The Taxable Social Security Benefits Calculator helps retirees and Social Security beneficiaries to estimate their taxes accurately and explore strategies that can reduce their taxable income. For example, if a retiree’s provisional income exceeds the base amount, they may opt to defer income or withdraw income from tax-free accounts to reduce their provisional income and minimize their taxes on Social Security benefits.
While the Taxable Social Security Benefits Calculator is a valuable tool, users should keep in mind that it provides only an estimate, and actual results may vary based on the complexity of their financial situation. Additionally, the calculator is only available for federal income tax purposes, and users should consult with their tax advisor or financial planner for state tax implications.
In conclusion, the Taxable Social Security Benefits Calculator is a useful tool for retirees and Social Security beneficiaries to estimate their taxes on Social Security benefits accurately. By inputting their financial and tax data, users can get a better understanding of their taxable Social Security benefits and explore strategies to optimize their retirement income.
ok fine so you calculate the amount that is taxable, how about advocating for the threshold of taxable income to be raised? it has been 29 years since that was adjusted at all as per the social security website history section what follows is directly from that site…….1993 Changes in the Law:
In 1993, as part of Omnibus Budget Reconciliation Act, the Social Security taxation provision was modified to add a secondary set of thresholds and a higher taxable percentage for beneficiaries who exceeded the secondary thresholds. Specifically, the 1993 did the following:
Modified for a taxpayer with combined income exceeding a secondary threshold amount ($34,000 for an individual, $44,000 for a married couple filing a joint return, and zero for a married person filing separately), so that the amount of benefits subject to income tax is increased to the sum of (1) the smaller of (a) $4,500 for an individual, $6,000 for a married couple filing a joint return, or zero for a married person filing separately, or (b) 50% of the benefit, plus (2) 85% of the excess of the taxpayer's combined income over the secondary threshold. However, no more than 85% of the benefit amount is subject to income tax. The additional income tax revenues resulting from the increase in the taxable percentage from 50% to 85% are transferred to the HI Trust Fund. Effective for taxable years beginning after 1993.
definitely sharing with my fb group
If I work 10 years only and I want retire of age 62 and I have different salary each years example one Year $10000 second $6000 how much I will get social security benefits
I am wondering if this calculator takes into consideration that Married filing joint return can exclude the first $25,100 (2021 standard deduction) that will reduce the taxable income?
Im planning on drawing around mid year. When I figure out my AGI do I project to that date or use my 2021 entire year figures ? and I believe you said I have to include the spouses info as well
Hello, Are capital gains included in calculating your provisional income and thus taxable SS? If so, where on this calculator do you put Capital Gains?
Thank you, Devin and your team, for making the unclear, clear. You are a wonderful teacher and great communicator.
Calculator link is broken.
Do you have any up dates on stimulus checks August 15, 2020
My dad, an accountant, showed me when I was in my mid-30s, how to do a bar graph to determine your best age to take your SS benefits…very simple, and one can get the info from the SSA as you near retirement age for various ages…62, 65, 70. Then run them. Most important facts to remember are first how long you think you will live and what's your money's buying power when you get it, counting for inflation. I am 71 presently. Been taking it since I turned 65, having retired at 64 1/2.
I could not print my earnings record from your website. I use Safari and it prints partial screen. Guess I don’t need that function anyway but it’s offered there. If we are setting up accounts with user names and passwords why not store our earnings information there in the account? I step away from that one page and everything is lost.
Mr. Carroll
Thanks for doing this channel it is a great service to people.
Could you please explain what the " Trust Act " is in the new Heals bill brought up by Mitt Romney.
I read it was slid in behind closed doors, and it will slash social security
Thanks
Dave
Dont give the Republicans an excuse their mostly rich that will not ever happen taxing Social Security I would love to see any polition win Election on that stupid idea its a losing proposition you run on that idea i hope u tell mitch mcconell to mention that on his relectionp. Please do so we wont ever see him around anymore
every single penny they took out of my paycheck for social security retirement, for over for 50 years, I'm now retired at 68; is mine. period. what is this nonsense you are talking about?
Hello im retired 56 cancer i get 1.443 a month. My 14yr old gets 730 a month off of my retirement my wife is getting 943 a month. I do not get any other income I've been on it for about1and half yrs. My daughter has been getting it for about 1yr my wife was approved for ssi but it got switch to ssa we have paid any taxes on it at all do we need to check on this more closely. Thank you. Josephburton6464@gmail.com
What if i dont have any other income?
Thank you for your update I appreciate it,I have questions as to how they can tax your social security in the first place,because anything I've checked into said they cannot tax social security they have taken so security out the whole time you work before you got social security now they're going to take it out of your social security check because they're giving you a stimulus check!!REALLY!!and to my knowledge there not supposed to tax your stimulus check it supposed to be to help you not have you pay for it later that's not helping you! It's like they're giving you a loan I didn't apply for a loan, and that's just evil and unthinkable they would go there but you know what, they would! I never made enough when I was working to even file income tax, and my husband's only 52 I'm the one that 66 I'm the one on social security that's mine not his, and it shouldn't have anything to do with him and what he makes! But that's how I've always got screwed, but the simple fact I was stupid enough to get married!I'm not taking this out on you you're just giving us the information but I am just sick and shocked, that this world has went to hell!they have already cut everything out of your social security I'm getting a whole $290 a month how can you retire on that that's not even gas money! And now they're going to tax the elderly out of your social security when they don't have anything now?!!That is just despicable and every one of them are going to rot in hell!!we are the elderly they don't take care of us as it is obviously, you do good as a parent and an adult when you get done raising your kids not ripping them off,lying and cheating the government which is exactly what they promote cuz I let him all do,all these younger people having kid actor kid after kidner all unwanted kids cuz they get more from welfare and get my jio get nothing but dumped on!and you know what we'll just let God decide okay I'm not worried but every one of them should be!!!
Hi Devin: What about if you have A Roth IRA ?
Great stuff, you rock! Would love to see a YouTube taking us through an on line application especially a restricted application, to see what our clients would see or encounter.
Mr. stop panicking people you know that onearned income is not taxable. Get your info together.
Got it MrD.!! HEY DEVIN !!! when you gonna diversify and do a BBQ video? Peace and Thanx for all the info!!!!
Thank you for what you do Devon! This…like everything else you do is so incredibly valuable!
Married 18 1/ 2 years
Devin I was 18 1/2 years waited until I turned 62, read and studied for years that I would get half of his earnings, did not told me not until I'm 66. I was born 1957. So they came up with 165.00 wow!!! I was so hurt. My ex is a ex soldier 14 1/2 years and disability
No calculator needed. Every penny in social security benefits is earmarked to pay for local, state, and Federal taxes.
Thank you for the information, it really helps me
I didn't know I'm suppose to pay taxes on my SSI an SSDI. I don't even get 10,000.00 a year.
On wages do you add your spouses income if filling jointly or just mine. I am retired and not working and collecting social security and my wife is working and not collecting social security
Devin, please consider a tutorial for those of us who started in S.S. but will end up with a partial municipal pension. Are there any strategies to overcome the theft of 2/3 of my S.S. benefits due to the pension offset punishment?
Devin, I will apply for my SS at my full retirement age. How soon do I need to make appointment ahead of time? Or…Do I have to wait until I’ve reached to make appointment ?
Devin, your calculators are very helpful and insightful when making important retirement/SS decisions. Also, how "taxable" IRA distributions impact the taxable amount of SS. Another reason to transition from standard IRA to a Roth IRA may be a sound, financial decision?
Calculator for taxable social security benefits does not work…when I put in a figure of say 65,000….it goes to 65 and takes off the rest of the numbers…plus the percentage doesnt work either.
Does 401k distributions fall under the IRA Distributions tab?
Very good information, thank you
Great!