I retired in 1996, and started receiving social security benefits. Are social security benefits taxable?
A. To find out whether any of your benefits are taxable, compare the base amount for your filing status with the total of: 1.One-half your benefits, plus 2.All your other income, including tax-exempt interest. (Do not reduce your income by any exclusions for interest from Series EE U.S. savings bonds, for foreign earned income or foreign housing, or for income earned in American Samoa or Puerto Rico by bona fide residents.) If your income is more than your base amount, part of your benefits will be taxable. The taxable amount of your benefits is figured on a worksheet in the Form 1040 or 1040A instruction book. Refer to Tax Topic 423, Social Security and Equivalent Railroad Retirement Benefits, for base amounts, and additional information regarding taxability and reporting requirements.
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- I retired in 1996, and started receiving social security benefits. Are social security benefits taxable?
