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What is the taxable portion in Social Security benefits

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Problem - Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the standard deduction. Their only income other than the Social Security benefits are:

Interest and dividends $ 6,000

Taxable pension 40,000

The Social Security benefits for the year would be $12,000.

a. Complete Worksheet 1, Figuring Your Taxable Benefits, included in IRS Publication 915 to determine the taxable portion of this couple's taxable Social Security benefits (the publication includes a blank worksheet).

b. What is the taxable portion of the $12,000 in Social Security benefits?

Reference no: EM132628324

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