At what age is Social Security no longer taxed?
You may have heard that Social Security income is not taxed after age 70; this is false.
You may be able to earn however much you want for Social Security purposes and not have to pay it back to Social Security, but for tax purposes there are a different set of rules.
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. If the ONLY income you have is Social Security, then you will not have income tax, however if you have a pension, interest income or working part-time then your Social Security may be taxable for income tax purposes.
Social Security payments are subject to federal income tax in 2024 if your combined income exceeds certain limits. The IRS calls this limit the base amount. In 2024, the base amount is $25,000 for single filers, head of household, or qualifying widow or widower with a dependent child. For joint filers, the base amount is $32,000.
Keep in mind the income base listed above includes half of your social security income for the year.
If you have further questions, please contact your local tax professionals at Meadville Tax Service, 814-333-2488 or by email at info@meadvilletaxservice.com
