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Asked 12/18/2011
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Income Taxes on social security I am thinking of retiring in June 2012 - my earnings through May 2012 will be around $40K. My wife has a state pension income of $18K/ year. Will I pay income taxes on the social security I start drawing in June 2012?
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Answer 1/1 - Submitted 12/18/2011
The rough calculation is: if all of your other income plus one-half of your social security totals more than $25,000, then some of the social security is going to be taxable. The amount isn't quite linear, but will max out at 85% of what you receive.
The first year, when you have some pre-retirement wages, you almost always owe tax on some of the social security.
Based on the projected income, yes, you will continue paying tax on part of your social security going forward.
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