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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.
According to the September 2013 statistics released by the Social Security Administration, you are now in the company of 39,313,000 individuals aged 65 or older receiving Social Security benefits. As a general rule, Social Security benefits are not taxable if they are your only source of income during a year. But if you have investment income or earned income, then up to 85 percent of your Social Security benefits may be taxable, depending on your filing status and the amount of the income.