Investing Manager
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There's a formula to see if any of your benefits are taxable:
*Add together 1/2 of your social security benefits (from box 5 of Form SSA-1099 or Form RRB-1099) and all other income you report on your return. Include tax-exempt interest income in this amount.
*Compare this total to:
~$32,000 if you're married and filing a joint return
~$25,000 if you're not married
~$25,000 if you are married, but you lived apart from your spouse all year, and you are filing a separate return from your spouse
~$0 if you lived with your spouse at any time during the year (this means that your benefits are taxable), and you are filing a separate return from your spouse |
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