Social Security Benefits

As with most questions about taxes, the answer is “it depends.”

Generally, if Social Security is your only retirement income, you won’t have to pay taxes on it. But if you or your spouse have at least a moderate income, you’ll most likely owe the government some money. Up to 85% of Social Security Benefits can be taxed. Most have already paid taxes on the Social Security Benefits they receive only to face paying more taxes on it at retirement age.  Let your tax preparer help you to understand how your benefits could impact your annual filing, and the tax liability you could have from those benefits.