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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.
Currently, the exempt amount is $15,480 for those below full retirement age. Those who will reach full retirement age this year can earn up to $41,400 in the months prior to reaching full retirement age. On the day they reach full retirement age, the earnings test stops. âThis statement, like so much that Social Security says on its website, is not the full truth.