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Video: Do Social Security Income Recipients Pay Income Taxes?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:16 AM
OVERVIEW

You would think that when you finally retire and start collecting Social Security that you no longer have to pay income tax. But this isn't always true. Watch this video to find out more about income taxes for those on Social Security.

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Video transcript:

Hello, I'm Jill from TurboTax with some information for taxpayers who receive Social Security income.

You would think that when you finally retire and start collecting Social Security that you no longer have to pay income tax. But this isn't always true. In some cases, you may have to report some of your Social Security income on a tax return.

When Social Security is the only type of income you receive during the year, you will never have to pay income tax on it. But remember, if you file a joint return, this must also be true for your spouse as well.

It's when you earn other types of income in addition to Social Security that you will need to determine whether any of it is taxable.

There is a simple calculation you can use to initially determine if you will be paying tax on your Social Security income.

First, you add together 50 percent of your annual Social Security payments with all other income you earn. For purposes of this estimate, your other income also includes earnings that are tax-exempt or eligible for an exclusion from income tax.

This can be a little confusing, so let's take a simple example.

Suppose you receive $20,000 of Social Security, earn $10,000 from a part-time job and receive $2,000 of tax-exempt interest from the municipal bonds you invest in. Fifty percent of your Social Security is $10,000, and the total of your other income, not just taxable income, is equal to $12,000 for a total of $22,000.

Now all you need to do is compare this $22,000 to the "base amount" for your filing status. The base amount can change each year, but the IRS uses it to determine whether your Social Security is taxable. When your total, which in this case is $22,000, exceeds your base amount, you may have to report some of your Social Security income on a tax return.

But this only tells you whether or not it's necessary to calculate income tax on some of your Social Security. For most taxpayers, no more than half of their Social Security payments are taxable. However, some married taxpayers who file separate tax returns may have to pay tax on up to 85 percent of their Social Security income.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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