Social Security Tax Calculator
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https://earlyretirementnow.com/2019/11/13/taxation-of-social-security-tax-torpedo-roth-conversion-tightrope
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Filing Status:Married Filing Jointly
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# of filers above age 65+2
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Line
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1Social Sec benefits$30,000
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2Multiply by 0.5$15,000
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Other Income [1040 Fed Return, lines 1, 2b, 3b, 4b, Sched1 line 22]
$30,000
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Long-term Cap Gains + Qual'd Dividends$20,000
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Other Income (Interest, 401 Distrib., etc.)$10,000
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4Tax-exempt interest (line 2a)$0
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5Exclusions$0
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6Combine 2,3,4,5$45,000
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7Adjustments (lines 23-32 Schedule 1)$0
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8Subtract$45,000
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9Married: 32k, Joint: $25k$32,000
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10Subtract if Line8>Line9$13,000
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11Married: $12k, Single $9k$12,000
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12Subtract (0 if negative)$1,000
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13Smaller of 10 and 11$12,000
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14Multiply Line13*0.5$6,000
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15Smaller of Line2 and Line 14$6,000
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16Multiply Line12 by 85%$850
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17Add lines 15+16$6,850
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18Multiple Line 1 by 85%$25,500
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19Taxable benefits$6,850
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Taxable as % of total SS benefits22.83%
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Tax Calculations:
Compare results to this calculator:
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https://www.fool.com/retirement/2016/06/06/social-security-tax-calculator-are-your-retirement.aspx#results
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Ordinary Income outside of SocSec$10,000
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Taxable Social Security from Worksheet$6,850
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Total$16,850
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Standard Deduction$27,000
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StdDed "wasted"$10,150
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Income above StdDed$0
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LT Capital Gains, Qualified Dividends$20,000
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of which taxed at 0% (=left-over StdDed + 2 brackets)
$20,000
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of which taxed at 15% (=rest)$0
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(Not factoring in the 20% cap gains tax here!!!)
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Federal Tax$0
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Tax Parameters
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Tax Brackets
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10%$19,400
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12%$78,950
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22%$168,400
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24%$321,450
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32%$408,200
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35%$612,350
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37%Infinity
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Standard Deductions$24,400
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Additional StdDed per spouse 65+$1,300
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Ordinary income that falls into the different brackets
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10%$0
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12%$0
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22%$0
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24%$0
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32%$0
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35%$0
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37%$0
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