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Posted by Ray on January 27, 2007, 12:30 am
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Can anyone tell me where I might find a calculator to tell
what percent of Social Security income is taxable, based on
AGI?
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Posted by William Brenner on January 27, 2007, 8:02 am
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Ray wrote:
> Can anyone tell me where I might find a calculator to tell
> what percent of Social Security income is taxable, based on
> AGI?
If I may add a corollary question:
What is the magic AGI number at which taxation of the maximum
85% of SS kicks in? Thus allowing one to avoid that confounded
worksheet?
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Bill on January 28, 2007, 4:46 am
Please log in for more thread options rayj.balt@DELETETHISverizon.net (Ray) posted:
> Can anyone tell me where I might find a
> calculator to tell what percent of Social
> Security income is taxable, based on AGI?
It's dependent on your filing status: MFJ, $32,000 +
$12,000 =3D 50%; then, depending on the total SS received by
the couple, it quickly escalates to the maximum of 85%.
And, just to complicate the formula, it isn't simply tied to
AGI -- it's really _M_AGI (MAGI) or "Modified Adjusted Gross
Income."
The principal (though not only) modification many folks
suffer from is "tax-exempt income." Those "tax-free" muni
bonds get added into your AGI on the Social Security
Worksheet. This has long been decried as an "end-around" of
the prohibition on taxation of the several State's sources
of capital for public works -- but nobody's succeeded in
changing it.
For filing status Single: $25,000 + $9,000 is the end point
for the 50%; then on up to 85%.
Married Filing Separately (and you lived with your wife at
any time during the tax year): Go directly to Jail -- er,
to 85%. No allowances, just simply multiply your total SS
income by 85%.
wbrenner@nospamplease.net (William=A0Brenner) kicked in with this:
> If I may add a corollary question:
> What is the magic AGI number at which
> taxation of the maximum 85% of SS kicks in?
> Thus allowing one to avoid that confounded
> worksheet?
The "magic" was a pun, I trust. The fact that it matches
the "M" in "modified" has to be more than a coincidence.
But you did provoke some minor effort on my part to
determine a "magic" figure that works. In fact, that's
frustratingly dependent on the total SS received by the
couple (in an MFJ situation).
So I grant you full credit for the provocative question
which underlines the diabolical qualities of the Worksheet.
Indeed, "what hath [the IRS] wrought?"
Bill
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by A.G. Kalman on January 28, 2007, 4:46 am
Please log in for more thread options Ray wrote:
> Can anyone tell me where I might find a calculator to tell
> what percent of Social Security income is taxable, based on
> AGI?
There's a basic calculator at:
http://www.mgcpa.com/calculators/y2006/socsec.html
--
Alan
http://taxtopics.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Ray on January 30, 2007, 12:09 pm
Please log in for more thread options > Ray wrote:
>> Can anyone tell me where I might find a calculator to tell
>> what percent of Social Security income is taxable, based on
>> AGI?
> There's a basic calculator at:
> http://www.mgcpa.com/calculators/y2006/socsec.html
Thanks -- exactly what I needed.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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