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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
For instance, there are limits on how much you can earn while collecting benefits, and if you exceed those limits, your Social Security benefits will get cut substantially. That's just one of the snares that could trip you up. Make sure you plan appropriately to avoid these six Social Security traps. Trap No. 1: Social Security may be taxable. If your earnings exceed a certain level, up to 85 percent of Social Security benefits may be taxable.