If your other income is withdrawals from your 401 not from working is social security then taxable?
- RICKLv 79 months ago
If you the withdrawals are taxable and are large enough it may make part of your SS taxable
- STEVEN FLv 79 months ago
The threshold is based on TAXABLE income, not earned income. Withdraws from a non-ROTH 401(k) are taxable.
- StephenWeinsteinLv 79 months ago
If there is enough of the other income, yes.
- Casey YLv 79 months ago
Unless you are taking qualified withdrawals from your retirement account, they are subject to income and other tax requirements...
SSI is taxable.
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- AmyLv 79 months ago
Yes. All income counts towards the limit.
And I'd like to point out that the money in your 401k actually IS from working. It's your wages from past years that you haven't received and paid taxes on yet.
- curtisports2Lv 79 months ago
Since withdrawals from 401K and other tax-deferred retirement savings are taxable, some of your SS could be taxable.
Any other taxable income, when added to one half of SS, cannot exceed $25,000 if you are single or $32,000 married filing jointly. When the totals exceed those numbers, then SS begins to be taxable. Up to 85% of SS can be taxable.
- regeruggedLv 79 months ago
Maybe. It depends on the amount of SS and the amount of 401k withdrawals, and any other income you may have. For me, it changes every year.
- Trivial OneLv 79 months ago
Yes. The threshold for taxation is determined by income, not wages. So, income from any source counts.
- Andy CLv 79 months ago
SSI is always taxable.