Ask the Experts: Paying Taxes on Social Security Benefits

Q. Do I have to pay income tax on my Social Security benefits after age 72?

A. The amount of taxes you pay will depend on your other income, like investment income or a salary. If you file an individual tax return and your total income is more than $25,000, you will have to pay federal taxes on your benefits. If you file a joint return, you will have to pay taxes if the total income is more than $32,000. According to the Social Security Administration, less than one-third of beneficiaries pay taxes on their benefits.

Source: Stan Hinden