Will You Be Taxed on Your 2024 Social Security Check?
You can sign up to take your Social Security retirement benefit as early as age 62. The longer you wait to start it, up to age 70, the higher your monthly check will be. Yet as awesome as it can be to figure out ways to increase your benefit, there is a downside to a larger income. The larger your combined income, the more likely your Social Security benefit will be taxed.
Social Security uses a formula that adds up your adjusted gross income, your non-taxable interest, and half of your Social Security benefit to determine what your combined income is. If that combined income passes a key threshold based on your tax filing status, then up to 50% your Social Security benefit can be taxed . If it passes another threshold, then up to 85% of your Social Security benefit can be taxed.
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Source Fool.com
