Fiction:I don't have to pay taxes on social security benefits.

Fact:Your benefits generally are not taxed if social security is your only source of income. If social security is not your only source of income, you may be obligated to pay federal income tax on benefits. As much as 85 percent of your benefits may be taxed, depending on your total income and filing status. Total income refers to money earned from your job, as well as significant investment income.





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