Are retirement benefits taxable income
Jan 03, · For those filing as individuals with a combined income exceeding $34,, they are required to pay income taxes on up to 85 percent of their Social Security benefits. For married couples filing jointly with a combined income between $32, and $44,, they are required to pay income taxes on up to 50 percent of their Social Security area907.info: Steven Rydin. Page 3 February Fact Sheet # Taxation of Retirement Benefits This fact sheet is a summary and not intended to provide all information. Although every attempt at accuracy is made, it cannot be guaranteed. not withhold income tax for other states. Whether or not your benefits are taxable depends on your combined income, which is defined as your adjusted gross income (AGI) plus your nontaxable interest income and one-half of your Social Security benefits. For your benefits to be taxable, your combined income must be greater than $25, Author: Matthew Frankel, CFP.