Q:

Are you Social Security benefits taxable?

A:

Quick Answer

Up to 85 percent of a Social Security benefit may be subject to taxation according to the official Social Security website. The amount of a Social Security benefit that is subject to taxation is based upon individual financial circumstances.

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Full Answer

Taxes are typically only paid on Social Security benefits when other substantial income exists, as stated on the official Social Security website. The portion of a Social Security benefit that will be taxed is determined by total combined income and filing status.

With a married and filing separate status, Social Security benefits will likely be subject to taxation. Filing an individual return with a combined income of more than $34,000 or a joint return with more than $44,000 in combined income may subject up to 85 percent of the Social Security benefits to taxation, states the official Social Security website.

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