Are Social Security Disability or Retirement benefits Taxable?
If your only source of income is from Social Security, odds are that you wont have to pay income tax on those benefits. But, if you have other income besides Social Security, you have work to do. To find out whether your Social Security disability benefits will be taxed you must do a special calculation: Add up all your income, including tax-exempt income, plus one-half of your Social Security benefits. Then: According the 1983 tax threshold that is still in effect and has not been indexed for inflation, if you’re single and the total exceeds $25,000, or if you’re married and filing a joint return and the total exceeds $32,000, up to half of your Social Security benefits will be taxed. Had the basic income threshold of $25,000 for a single person been indexed to inflation, it would stand at about $52,044 today, a government inflation calculator shows. According to the 1993 tax threshold that is still in effect and has not been indexed for inflation, if you’re single and the total excee
