The IRS won't pick up the phone and most of the people at places like H.R. Block don't even know what the standard deduction is. One online tax calculator only taxed our Social Security at 15% ( should be 50%???). I have a gut feeling that's not right.
Who's best to call for a tax question?
- Thread starter Juanmosey
- Start date
Check out Dave Ramsey's ELP list.
Get a good accountant. Yes you will spend some money, but you will eliminate many headaches. Now finding a good one can be a problem.
Perhaps your income is too high or your situation too complicated , but have you considered one of the free filing options to see what your tax would be.
www.irs.gov
I do not understand your comment about expecting a 50% tax rate, when the highest bracket is 37%.
Free File: Do your taxes for free | Internal Revenue Service
Prepare and file your federal income tax return online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.
I do not understand your comment about expecting a 50% tax rate, when the highest bracket is 37%.
- Thread starter
- #6
I'm talking how much(the percentage of) of only your social security money being taxed. Usually it's 50 or 85%.Perhaps your income is too high or your situation too complicated , but have you considered one of the free filing options to see what your tax would be.
Free File: Do your taxes for free | Internal Revenue Service
Prepare and file your federal income tax return online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.
I do not understand your comment about expecting a 50% tax rate, when the highest bracket is 37%.
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Where did you get that information?
Take a look at this web site to see if it helps answer your questions.
Is Social Security Taxable? (2024 Update) | SmartAsset
How your Social Security benefits are taxed depends on the income you have from other sources. Here are the 2024 IRS limits for individual and joint filers.
smartasset.com
For most people who are not living on social security alone, at least 50% of SS income is considered taxable. Up to 85% can be taxable for higher income taxpayers. The taxable portion of SS is added into your adjustable gross income.
Then you have to calculate your tax based on your adjustable gross income minus deductions and other adjustments. It may be that the online tax calculator was figuring the amount of tax you would have to pay on the taxable portion of SS.
My wife and I have 25% deducted from our SS checks each month to insure that we will get a refund at tax time. Most people can get by with taking out less. Perhaps in your case taking out 15% would be enough.
I have been using H&R Block tax software for many years to do my own taxes. That will figure out the tax consequences of social security income for you.
You are confusing taxable income with the amount of tax. Depending on your income level it can be taxed since it goes into taxable income but that is not at 50-85% but rather what your tax bracket is.
- Thread starter
- #10
So what you're saying is if my tax bracket is 10% then my SS may only be taxed at 10% more or less?
It depends on your total income and filing status (single, joint, head of household). If you go to the site below the IRS will give you the exact amount.
Are my Social Security or railroad retirement tier I benefits taxable? | Internal Revenue Service
Determine if your social security or railroad retirement tier I benefits (and those of your spouse if you're married filing a joint tax return) are taxable.
- Thread starter
- #12
It worked. I'll only be taxed $5150 on my SS which jives with the Taxact calculator. Thanks!!!It depends on your total income and filing status (single, joint, head of household). If you go to the site below the IRS will give you the exact amount.
Are my Social Security or railroad retirement tier I benefits taxable? | Internal Revenue Service
Determine if your social security or railroad retirement tier I benefits (and those of your spouse if you're married filing a joint tax return) are taxable.www.irs.gov
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