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Social Security Income

This one can be a shock for those who recently started drawing benefits. Why doesn’t the government just give less in the first place? The reason: You don’t automatically pay taxes on all your Social Security. How much you ...pay depends on your total income.

For your 2013 taxes, if half of your Social Security income plus all your other income totaled between $25,000 and $34,000 as a single filer, then you may pay tax on half of your Social Security benefit. If that amount is more than $34,000, you could owe taxes on as much as 85 percent of it. If you’re married and filing jointly, the income thresholds are between $32,000 and $44,000, and greater than $44,000. Depending on where you live, you could owe state taxes on Social Security as well.

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