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2023 Tax Season: What percentage of your Social Security income is taxable?

Increased Social Security Disability Benefits for 2023
Social Security Card: Senior woman holding card in hand on white background (Photo: iStock Photo)

Americans should be aware that they may be required to pay federal income taxes on their Social Security benefits if they earn other substantial income in addition to their benefits.

This can include a salary, self-employment income, interest, dividends, or other taxable income that must be reported on their annual tax return.


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Social Security benefits may be an integral part of your financial picture in retirement. In fact, 55% of retirees and pre-retirees aged 50 or older say Social Security will be their main source of retirement income, (Photo via


Having said that, the Internal Revenue Service (IRS) has established rules under which the taxpayer will be required to pay tax on 85 percent of their SS benefits.

This could happen if they file as individuals and have a combined income of more than $34,000, or if they file jointly and have a combined income of more than $44,000.


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IRS ups standard deductions, tax brackets due to inflation

A portion of the 1040 U.S. Individual Income Tax Return form is shown July 24, 2018, in New York. Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation. For couples who file jointly for tax year 2023, the standard deduction increases to $27,700 up $1,800 from tax year 2022, the IRS announced. (AP Photo/Mark Lennihan, File)


Individual filers earning between $25,000 and $34,000 may be required to pay tax on up to 50% of their benefits. This is also true for joint filers with a combined income of $32,000 to $44,000.

“You will receive a Social Security Benefit Statement (Form SSA-1099) in January each year showing the amount of benefits you received the previous year,” according to the official Social Security website.


Why is IRS tax refund deducted in 2023?

The payment is taxable at the federal level but not at the state level, according to the Department of Revenue. (Photo: Shutterstock)


“Use this Benefit Statement to determine whether your benefits are taxable when filing your federal income tax return.

“If you live in the United States and misplaced or did not receive a Form SSA-1099 or SSA-1042S for the previous tax year, you can get an instant replacement form by logging into your online my Social Security account.

“If you don’t already have an account, you can sign up for one online. To obtain a replacement Form SSA-1099 or SSA-1042S, go to the ‘Replacement Documents’ tab.”

If you need to pay taxes on your SS benefits, you have two options: make quarterly estimated payments to the IRS or have federal taxes withheld from your benefits.

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