If the Combined Income exceeds the Thresholds listed below, up to 85% Of Security Income may be Taxable depending upon Tax Payer's Filing Status. List the details:
1. S or HOH:
1.1 If the Income is Below $34.001, Up to 50% of Social security Benefits are Taxable.
1.2 If The Income is Above, $34.001, Up to 85% of Social security Benefits are Taxable.
2. MFS -
2.1 If the Spouses live apart through out the year - Benefits are Taxed at Same as Single Person.
2.2 If the Spouses lived together any time of the year, Benefits Taxed at 85% regardless of Income.
3. MFJ -
3.1 If the Combined Income is greater than $32,000 but less than $44,001 up to 50% Benefits are Taxable.
3.2 If the Combined Income is greater than $44.001 up to 85% Benefits are Taxable.
Q & A Contact : Kash, (925) 963 4891 @ Yajnik & Mehta Associates (YMA)
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