Prime Time Monthly | Page 19

PRIME TIME April 2017 How Working In Retirement Can Affect Your Social Security Benefits (continued from previous page) nontaxable interest, and half of your Social Security benefits is between $25,000 and $34,000 for individuals ($32,000 and $44,000 for couples), you have to pay tax on up to 50 percent of your benefits. Above $34,000 ($44,000 for couples), you could pay on up to 85 percent, which is the highest portion of Social Security that is taxable. About a third of all people who get Social Security have to pay income taxes on their benefits. For information, call the IRS at 800-829-3676 and ask them to mail you a free copy of publication 915 “Social Security and Equivalent Railroad Retirement Benefits,” or you can see it online at IRS.gov/pub/irs- pdf/p915.pdf. In addition to the federal government, 13 states – Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia – tax Social Security benefits to some extent, too. If you live in one of these states, you’ll need to check with your state tax agency for details. C M Y Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the CM MY CY CMY K 19 NBC Today show and author of “The Savvy Senior” book. NM_Relief_Prime_Ad_oo_11_21_16.pdf 1 1