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Old 02-23-2016, 10:40 AM
 
108 posts, read 82,074 times
Reputation: 114

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Not yet but I plan to look for a job soon. We agreed that I would be a stay at home mom until he retired at which point I will be able to get back into the workforce. We are looking at adding another $7000-$25,000 annually...depending on where I get a job and whether it is part-time or full-time. (I have over 15 years' experience under my belt of being an Executive Assistant, which may [or may not help in my job search).
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Old 02-23-2016, 12:08 PM
 
Location: Ohio
20,059 posts, read 14,310,256 times
Reputation: 16212
This should simply it:

Quote:
Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.
No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:
  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.
  • are married and file a separate tax return, you probably will pay taxes on your benefits.
*Note:

Your adjusted gross income
+ Nontaxable interest
+ of your Social Security benefits
= Your "combined income"
https://www.ssa.gov/planners/taxes.html
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Old 02-23-2016, 02:39 PM
 
2,702 posts, read 3,766,040 times
Reputation: 4521
I paid for my pension with pre tax dollars and I pay roughly 5% for Fed taxes....
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Old 02-24-2016, 08:08 AM
 
Location: Forests of Maine
30,765 posts, read 49,603,051 times
Reputation: 19199
Each person' Income Tax picture is different. We all have different lists of write-offs and deductions.

My pension is a bit higher than the OP level, and my pension is fully taxable. However it is not anywhere high enough to actually be taxed.
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Old 02-24-2016, 09:08 AM
 
Location: RVA
2,179 posts, read 1,279,399 times
Reputation: 4506
Sorry, missed that distinction. It is taxable income, but at that level, no tax will be paid. I based my answer on the apparent intent of the question based on the wording By the OP. I read it as "will we pay any taxes on this amount of pension?"
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