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I have not had to pay income taxes for the last 3 years due to low income. This will be the first full year on SS retirement. I understand that SS retirement is taxable if you make over $10,000. I will exceed that by about $600 so I will have to pay income tax. No other income.

Do I have to pay taxes on the whle amount or just the $600? Any idea how much I will owe?
 
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No.

Read this:
Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.

and

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.
    From: http://www.ssa.gov/planners/taxes.htm
  • To state that more clearly, if you make over $25,000 you have to pay taxes on up to half your SS. If you make over 34,000 you may have to pay income tax on up to 85% of your SS. If you DO NOT make over $25,000, then you don't have to pay any taxes on you SS income.
 

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You also qualify for the IRS free income tax preparation program, as I do. Go to the IRS website and look for the link to the free filing info. You can pick from a list of preparers (I chose Turbo Tax and have used this for several years). I am on SS also. It is not taxable in the amount I receive.

Some state returns still can be done for free through this site, also. If not, your state's Revenue Department may have an online free program that you can use to calculate and file your state taxes.

Turbo Tax walks you through the whole thing and makes it simple and easy. Even a dummy like me can deal with it. You just have to go through the IRS website to get the free one.

Hope this helps you and everyone at tax time. It is a good thing to know about.
 

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Same thought here-AR.
 

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Planning your retirement includes planning your income bracket. There's no excuse for suddenly finding yourself in an uncomfortable position with taxes. Think ahead.
 

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I have not had to pay income taxes for the last 3 years due to low income. This will be the first full year on SS retirement. I understand that SS retirement is taxable if you make over $10,000. I will exceed that by about $600 so I will have to pay income tax. No other income.

Do I have to pay taxes on the whle amount or just the $600? Any idea how much I will owe?
Where did you get the idea that SS is taxable above $10,000.? If that is your only income, then it doesn't matter how much you get none of it is taxable. It is only taxable if you have additional income that puts you over $25,000.00 for an individual or $32,000. married filing joint.

If I misread your post and you have $10,000. over your SS benefits, then go here to use the planner: http://www.ssa.gov/planners/taxes.htm
 
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