You will pay taxes on only 85% of your Social Security benefits, based on IRS rules if you:
- File a federal tax return as an “individual” and your combined income is
- Between $25,000-$34,000—you may have to pay income tax on up to 50% of your benefits.
- More than $34,000—up to 85% of your benefits are taxable.
- File a joint return, and you and your spouse have a combined income that is
- Between $32,000-$44,000—you may have to pay income tax on up to 50% of your benefits
- More than $44,000—up to 85% of your benefits are taxable
Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia charge state income tax on Social Security benefits.