Are social security benefits taxable? I'm 60 years old and planning to retire within the next two years. I'm trying to figure how much of my income will be taxable?

ANSWER

The BIDaWIZ Team's Answer:

If you're single with an income below $25,000 or a married couple with less than $32,000 in combined income, then none of your Social Security benefits will be subject to taxes.

If you're single with a combined income (Your adjusted gross income + Nontaxable interest + ½ of your Social Security benefits) reaches $25,000 to $34,000 or $32,000 to $44,000 for a married couple filing jointly, then 50% of the Social Security benefits you receive will be subject to taxes.

Lastly, if you're single with a combined income that exceeds $34,000, or $44,000 for a married couple, 85 percent of your Social Security benefits will be subject to taxes.