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Is Social Security retirement income taxable?
Author: Ted Farley
Website: http://www.Tax-FAQ.com
Added: Sun, Jul 23, 2006 17:52:28
Category: Tax Questions
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Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes if the income is more than $32,000.
However, if the Social Security retirement benefit is the recipient’s only source of income, then it is rendered non-taxable and there is no need to file a federal income tax return.
keywords: Taxes | Tax | Social Security | Retirement About the Author:
Ted Farley answers frequently asked tax questions at PrettyGreatAnswers.com.
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