Are My Social Security Benefits Taxable?
Today many folks find themselves working into the Social Security years, whether by choice or necessity. Our Firm fields this question regularly. If Social Security was your only source of income in 2013, your benefits may not be taxable. You also may not need to file a federal income tax return. If you get income from other sources, then you may have to pay taxes on some of your benefits.
A quick and dirty rule of thumb is to add one-half of your Social Security benefits to all your other income, including any tax-exempt interest. Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. The three base amounts are: Continue reading Are My Social Security Benefits Taxable?