Benefits May Be Taxable
Some people who get Social Security will have to pay taxes on their benefits. About 40 percent of our current beneficiaries pay taxes on their benefits. You’ll have to pay taxes on your benefits if you file a federal tax return as an “individual” and your total income is more than $25,000. If you file a joint return, you’ll have to pay taxes if you and your spouse have a total income that is more than $32,000. For more information, call the Internal Revenue Service’s toll-free number, 1-800-829-3676.