Many retirees rely on their Social Security income to support their lifestyle. But many find themselves wondering whether those benefits will be taxable. The answer isn’t exactly a simple one — some of your Social Security income could be taxable, but not all of it.Whether your benefits are taxable depends on your annual income. Keep reading to learn how much of your Social Security income will be taxable, how to file taxes for your Social Security income, states that tax Social Security benefits, and more.Calculating your social security tax rateTo figure out whether you have to pay federal income tax on your Social Security benefits, you must determine the total amount of your combined income. This is calculated by adding your nontaxable interest and half of your Social Security benefits to your adjusted gross income (or AGI). AGI includes earnings, investment income, retirement plan withdrawals, pension payments and other taxable income. Here’s the formula:AGI + nontaxable interest...
