The IRS may tax your Social Security benefits, at least in part, but California does not.
After working for many years, we are finally entitled to Social Security. But it’s still taxed by the IRS, even though we already paid taxes on our income before?The Social Security Act and related laws were passed for certain purposes: Provide for the material needs of individuals and families; protect older people and those with disabilities against the costs of illness that could eat up their savings; keep families together; and give children the chance to grow up healthy and secure.
The reality is we often pay taxes when we withdraw monies from retirement accounts. So, yes, the IRS may tax your Social Security benefits, at least in part, but if it is of some solace, California does not. While Social Security income generally is taxable at the federal level, what you have to pay depends upon your income level. If you are single, for example, and your income exceeds $25,000, part of your benefits may be taxable. If you are married, filing jointly, and the total exceeds $32,000, then part of your Social Security may be taxable.
It is most prudent to consult with a qualified tax professional about these issues. This column simply cannot provide all the material information you should consider, but below is further, hopefully useful, information.
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