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Tax Tip Interview with Kevin Sickels, CPA, Partner: Do I have to pay taxes on my social security benefits?

I retired and started receiving social security payments.  Do I have to pay taxes on my social security benefits?

Social security benefits include monthly retirement, survivor and disability benefits.  They do not include supplemental security income (SSI) payments, which are not taxable.  The amount of Social security benefits you receive are not taxable until your income reaches certain thresholds.  The income threshold is in excess of $25,000 for single filers or $32,000 for married filers.  Only a maximum of  85% of your social security benefits will be subject to income tax.  Ketel Thorstenson LLP can assist you in these computations and help plan to minimize the tax effect to you.

If you have other questions about social security benefits or the preparation of your tax return call the Tax professionals at Ketel Thorstenson today, 605-342-5630.

To listen to Kevin Sickels and the audio version of this blog press play.

Kevin Sickels

Kevin Sickels

CPA, Partner at Ketel Thorstenson, LLP
Kevin joined Ketel Thorstenson, LLP in 2006. His many years of experience in tax return preparation and planning enable him to provide excellent service for individuals and businesses. He also has significant experience in software support, manufacturing, retail, construction, and the healthcare/medical industry.
Kevin Sickels

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