Social Security Taxable Income Calculator

Resource - Taxable Social Security Calculator

Category: Social Security Taxable Taxable Income

Financial advisors know the importance of social security. Use this calculator to explain to this growing clientele how their benefits are taxed!

This taxable benefit calculator makes it simple for you to show clients how much of their benefit is taxable. Note that not everyone pays taxes on benefits, but clients who have other income in retirement beyond Social Security will likely pay taxes on their benefit.

If you have clients who earn more than a certain amount from other sources while also collecting Social Security, part of their benefit payment must be added to their taxable income on their tax return. Find out how much with this easy, free calculator.

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Taxable Social Security Benefits Calculator - Social Security Intelligence

Category: Taxable Social Security

Taxable Social Security Benefits Calculator Since retirement income is all about the dollars you get to keep in your pocket, it’s helpful to know how much of your Social Security benefits you’ll have to give up in taxes. That’s what this taxable Social Security benefits calculator is designed to do: Give you an estimate of ... Read more

Since retirement income is all about the dollars you get to keep in your pocket, it’s helpful to know how much of your Social Security benefits you’ll have to give up in taxes.

*Not common for individuals on Social Security. However, you should check to see if you have any adjustments to income. The various income adjustments are found in section II of IRS Form 1040 (Schedule 1).

Social Security Intelligence © 2022 Social Security Intelligence is not affiliated or connected with, or endorsed by, the Social Security Administration. Social Security Intelligence does not provide tax, legal or financial advice, and the material in this site has been provided for informational purposes only. Privacy Policy | Disclosures

Calculator: How Much of My Social Security Benefits Is Taxable?

Category: Income Tax

Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.

Social Security benefits are 100% tax-free when your income is low. As your total income goes up, you’ll pay federal income tax on a portion of the benefits while the rest of your Social Security benefits remain tax-free. This taxable portion goes up as your income rises, but it will never exceed 85%. Even if your annual income is $1 million, at least 15% of your Social Security benefits will stay tax-free.

The amount of the taxable Social Security benefits becomes part of your gross income on your tax return. It’s still subject to your normal deductions to arrive at your taxable income. You still pay at your normal tax rates on the taxable amount. 50% or 85% of your benefits being taxable doesn’t mean you’ll lose 50% or 85% of your Social Security to taxes. The actual taxation on your benefits is much less. The tax may actually be zero after applying deductions.

The IRS has a somewhat complex formula to determine how much of your Social Security is taxable and how much of it is tax-free. The formula first calculates a combined income that consists of half of your Social Security benefits plus your other income such as withdrawals from your retirement accounts, interest, dividends, and short-term and long-term capital gains. It also adds any tax-exempt interest from muni bonds. This income is then reduced by a number of above-the-line deductions such as deductible contributions to Traditional IRAs, SEP-IRAs, SIMPLE IRAs, HSAs, deductible self-employment tax, and self-employment health insurance. Finally, this provisional income goes through some thresholds based on your tax filing status (Married Filing Jointly or Single/Head of Household). All of these steps are in Worksheet 1 in IRS Publication 915.

You can go through the 19 steps in the worksheet to calculate the amount of social security benefits that will be taxable but the worksheet isn’t the easiest to use. I made an online calculator that helps you calculate much more quickly. After you give three numbers plus your tax filing status, you’ll have your answer by the click of a b-tton.

The calculator works for all types of Social Security benefits. It doesn’t matter whether you’re receiving retirement income benefits, disability benefits, spousal benefits, or survivor benefits as a widow or widower. It only applies to federal taxes though. Different states have different rules on taxing Social Security benefits. State taxes don’t necessarily follow the same rules as the federal government.

How To Calculate My Social Security Benefits? - How Much Will Be Taxed?

Social Security is a big part of your retirement plan. Use our free calculator to find out how much of your Social Security benefits will be taxed.

Did you know that up to 85% of your Social Security benefits may be subject to income tax? If this is your situation, you may want to consider repositioning some of your other income to minimize how much of your Social Security benefit may be taxed and thereby, maximize your retirement income sources. Use our Social Security tax calculator to better calculate your Social Security benefits.

How much you get for Social Security retirement benefits will depend on a number of factors, including your income, how long you worked and when you retired. One thing you’ll need to consider when getting your retirement benefits or when planning for Social Security retirement is that it may be taxed.

If you have a combined income but are filing as an individual, your benefits aren’t taxed if your benefits are below $25,000. If your income is above that but is below $34,000, up to half of your benefits may be taxable. For incomes of over $34,000, up to 85% of your retirement benefits may be taxed.

For the purposes of taxation, your combined income is defined as the total of your adjusted gross income plus half of your Social Security benefits plus nontaxable interest. Other wages that may be applied to this include self-employment income, wages, capital gains and dividends or other investment income from interest, annuities, pensions, rental property profits, municipal bond interest and withdrawals from retirement accounts such as IRAs, 403(b) and 401(k) accounts. Roth IRA withdrawals don’t count toward combined income.

You can use the Money Help Center calculator to determine how much Social Security you will get and how income tax may impact your benefits and income. You need to plan for retirement by considering how you will be taxed once your working life ends. You don’t want to get an unpleasant surprise when you start earning your retirement income or getting your benefits and realize it is less than you expected because of tax withdrawals.

Taxable Social Security Calculator

Category: Social Security Taxable Taxable Income

Financial advisors can simply enter the benefit amount and taxable income into Social Security Timing's calculator, and it will compute the taxable benefits.

The proportion of beneficiaries who must pay income tax on their Social Security benefits has risen over time and will continue to grow. With more people impacted by these taxes, it’s important that you’re able to explain how their benefits are taxed.

The calculation is complicated, but the taxable benefit calculator below makes it simple for you to show clients how much of their benefit is taxable. Note that not everyone pays taxes on benefits. Social Security benefits weren’t subject to federal taxes originally. But after a funding crisis, the federal government in 1984 started taxing some higher-income beneficiaries. Clients who have other income in retirement other than Social Security likely will pay taxes on their benefit. If they earn more than a certain amount from those other sources while also collecting Social Security, you have to add a certain amount of their benefit payment to their taxable income on their tax return.

Step 1: Provisional Income – Your “provisional income” includes half of your Social Security benefits, plus all other taxable income, such as dividends, realized interest, and realized capital gains. This also includes non-taxable interest earnings, like those from municipal bonds.

At first glance, most advisors would a-sume 85% of the client’s benefits would be taxable. The exercise here, however, shows that only 27.27% of the client’s Social Security benefits will be taxable as ordinary income. The IRA withdrawals by themselves surpass the second threshold.

In short, Social Security carries a substantial tax advantage over other forms of income, so delaying benefits in order to build a larger Social Security benefit has a greater positive tax impact than most people realize.

Benefits Planner | Income Taxes And Your Social Security Benefit | SSA

Category: Income Tax

This Social Security planner page explains when you may have to pay income taxes on your Social Security benefits.

Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).

Each January, you will receive a Social Security Benefit Statement (Form SSA-1099) showing the amount of benefits you received in the previous year. You can use this Benefit Statement when you complete your federal income tax return to find out if your benefits are subject to tax.

If you currently live in the United States and you misplaced or didn't receive a Form SSA-1099 or SSA-1042S for the previous tax year, you can get an instant replacement form by using your online my Social Security account. If you don't already have an account, you can create one online. To get your replacement Form SSA-1099 or SSA-1042S, select the "Replacement Documents" tab to get the form.

If you do have to pay taxes on your Social Security benefits, you can make quarterly estimated tax payments to the IRS or choose to have federal taxes withheld from your benefits.

Social security benefits tax calculator

How much is the taxable portion of your social security ? This is what social security benefits tax calculator instantly tells you , once you just fill three inputs

Social security benefits tax calculator is in a way concrete answer to often asked question – “Are social security benefits taxable?“. Well, social security benefits are taxable to some people and totally tax-free for others as the taxation depends on the computation of total income and other phaseout values which are again dependent on your tax filing status.

Social security benefits aren’t taxed for people who only have income from Social Security. For all others , who earn any kind of income, it may or may not be taxable. Also, depending on where you live, your state your Social Security benefits may also be taxable in your state. You can refer section 86 of 26 US Code to know more about taxation of social security taxation

Actually ,all kinds of social security benefits taxable in the same way. Social security benefits ( you can check estimated social security benefit calculator) include monthly retirement benefits, survivor, and disability benefits.However, social security benefits paid to a child under his or her Social Security number (SSN) is taxable to the child, not the parent.

Exception to this rule is Supplemental Security Income which is a non-taxable as it is not considered part of Social Security benefits and does not figure into the taxable benefit formula.

Then compare the provisional income with the base amount which is as under for year 2021 & 2022: Single , Head of Household and Married filing separatelyMarried filing jointlyMarried filing separately who lived together at any point of timerSS benefit less than $25K, there is no taxable amount out of SSBSS benefit less than $32K, there is no taxable amount out of SSBFully Taxable .There is no base exemption availableIf SS benefit is between $25K & $34K then , taxable portion is 50 % of your SS benefitsSS benefit is between $232K & $44K then , taxable portion is 50 % of your SS benefitsIf SS benefit exceeds $34K then, taxable portion is 85% of your SS benefitsf SS benefit exceeds $44K then, taxable portion is 85% of your SS benefits

Social Security Taxable? - Calculator - MoneyTools

Social Security Calculator. Will your social security benefits be taxable? Use this calculator to see. Tax deferred retirement plans tend to increase tax liability on social security benefits …

Is Social Security Taxable? (2022 Update) - SmartAsset

How your Social Security benefits are taxed depends on the income you have from other sources. Here are the 2022 IRS limits for individual and joint filers.

Social Security income is generally taxable at the federal level, though whether or not you have to pay taxes on your Social Security benefits depends on your income level. If you have other sources of retirement income, such as a 401(k) or a part-time job, then you should expect to pay some income taxes on your Social Security benefits. If you rely exclusively on your Social Security checks, though, you probably won’t pay taxes on your benefits. State taxes on Social Security, on the other hand, vary from state to state. Regardless, it can be helpful to work with a financial advisor who can help you understand how different sources of retirement income are taxed.

According to the IRS, the best way to see if you’ll owe taxes on your Social Security income is to take one half of your Social Security benefits and add that amount to all your other income, including tax-exempt interest. This number is known as your combined income, and this is how it’s calculated:

If your combined income is above a certain limit (the IRS calls this limit the base amount), you will need to pay at least some tax. The limit for 2022 is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child. The 2022 limit for joint filers is $32,000. However, if you’re married and file separately, you’ll likely have to pay taxes on your Social Security income.

If your Social Security income is taxable, the amount you pay will depend on your total combined retirement income. However, you will never pay taxes on more than 85% of your Social Security income.

Again, if you file as an individual with a total income that’s less than $25,000, you won’t have to pay taxes on your Social Security benefits in 2022. For the 2022 tax year (which you will file in 2023), single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income is more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.

How much of my social security benefit may be taxed?

Category: Income Tax

Did you know that up to 85% of your Social Security Benefits may be subject to income tax? If this is the case you may want to consider repositioning some of your other income to minimize how much of your Social Security Benefit may be taxed and thereby, maximize your retirement income sources.

This information may help you analyze your financial needs. It is based on information and a-sumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company a-sumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

Don’t forget, Social Security benefits may be taxable | Internal Revenue Service

Tax Tip 2020-76, June 25, 2020

If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.

The tax filing deadline has been postponed to Wednesday, July 15, 2020. The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who mailed a tax return will experience a longer wait. There is no need to mail a second tax return or call the IRS.

Social Security Taxable Benefits Calculator | AnnuityAdvantage

Use this calculator to estimate how much of your Social Security benefit is subject to income taxes. For modest and low incomes, none of your Social Security benefit is subject to income taxes. However, once your income plus 50% of your Social Security benefit exceeds $32,000 for married couples filing jointly and $25,000 for everyone else, an ever increasing portion of your benefit is subject to income taxes. For higher incomes, up to 85% of your Social Security benefit is subject to incomes taxes and can have a significant impact on your net after-tax benefit.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Rates are based on current interest rates and are subject to change at any time. Some first year yields/rates reflect the fixed rate plus a premium bonus or interest rate enhancement. Upfront bonuses are frequently subject to a vesting schedule. Not all annuities are available in all states. Surrender charges may apply to withdrawals during the surrender period. A 10% IRS penalty may apply to withdrawals prior to age 59 ½. Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Annuities are not guaranteed by any bank or credit union and are not insured by the FDIC or any other federal government agency. Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.

Income Tax Calculator For Social Security Benefits - BenefitsTalk.net

Category: Income Tax

The simplest way to keep your Social Security benefits free from income tax is to keep your total combined income below the thresholds to pay tax. However,

The simplest way to keep your Social Security benefits free from income tax is to keep your total combined income below the thresholds to pay tax. However, this may not be a realistic goal for everyone, so there are three ways to limit the taxes that you owe.

State and federal taxes are not all you need to worry about with Social Security. There can also be a temporary reduction in benefits if you have not achieved full retirement age and you are receiving work income above a certain level.

So while you are allowed to start benefits as soon as you turn 62 , the sooner you start collecting your benefits, the less your monthly benefit will be. Conversely, the longer you wait , the more your monthly income will be.

And the other downside to starting benefits early is that if you elect to collect benefits before your full retirement age and you are receiving work income, you will get less money than if you wait to collect, and the money you get will be subject to tax.

These days thereâs a lot of doom and gloom about Social Securityâs solvency – or lack thereof. And regardless of whether you think Social Securityâs future is secure, the fact remains that you shouldnât plan on living exclusively off your Social Security benefits. After all, Social Security wasnât designed to make up a retireeâs entire income.

Benefit Calculators | SSA

Provides a listing of the calculators you can use to figure your retirement, disability and survivors benefits.

The best way to start planning for your future is by creating a my Social Security account online. With my Social Security, you can verify your earnings, get your Social Security Statement, and much more – all from the comfort of your home or office.

These tools can be accurate but require access to your official earnings record in our database. The simplest way to do that is by creating or logging in to your my Social Security account. The other way is to answer a series of questions to prove your identity.

Compare retirement benefit estimates based on your selected date or age to begin receiving benefits with retirement estimates for ages 62, Full Retirement Age (FRA), and 70. You can also input expected future income for inclusion in the estimate.

Estimate of spouse benefits for yourself if you receive a pension from a government job in which you did not pay Social Security taxes. Your benefit may be offset by the Government Pension Offset (GPO).

Social Security Income | Internal Revenue Service

Category: Income Tax

Social security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income (SSI) payments, which aren't taxable. The net amount of social security benefits that you receive from the Social Security Administration is reported in Box 5 of Form SSA-1099, Social Security Benefit Statement, and you report that amount on line 6a of Form 1040, U.S. Individual Income Tax Return or Form 1040-SR, U.S. Tax Return for Seniors. The taxable portion of the benefits that's included in your income and used to calculate your income tax liability depends on the total amount of your income and benefits for the taxable year. You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR.

Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.

If you're married and file a joint return, you and your spouse must combine your incomes and social security benefits when figuring the taxable portion of your benefits. Even if your spouse didn't receive any benefits, you must add your spouse's income to yours when figuring on a joint return if any of your benefits are taxable.

Generally, you can figure the taxable amount of the benefits in Are My Social Security or Railroad Retirement Tier I Benefits Taxable?, on a worksheet in the Instructions for Form 1040 (and Form 1040-SR) or in Publication 915, Social Security and Equivalent Railroad Retirement Benefits. However, if you made contributions to a traditional Individual Retirement Arrangement (IRA) for 2021 and you or your spouse were covered by a retirement plan at work or through self-employment, use the worksheets in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), to see if any of your social security benefits are taxable and to figure your IRA deduction.

The amount of income tax that your child must pay on that part of the benefits that belongs to your child depends on the child's total amount of income and benefits for the taxable year.

Social Security Calculator

Category: Income Tax

Free Social Security calculator to find the best age to start SS benefits, or to compare the differences between starting SS at different ages in the U.S.

The U.S. Social Security website provides calculators for various purposes. While they are all useful, there currently isn't a way to help determine the ideal (financially speaking) age at which a person between the ages of 62-70 should apply for their Social Security retirement benefits. This tool is designed specifically for this purpose. Please note that this calculator is intended for U.S. Social Security purposes only.

Use the following calculation to compare the financial difference between two Social Security retirement benefit application ages. The U.S. Social Security website provides estimated benefit payment amounts of different claim ages.

Social Security Claim Option 1 Retirement Age Monthly Paymentper month Social Security Claim Option 2 (Work Longer) Retirement Age Monthly Paymentper month Other Information Your Investment Returnper year Cost of Living Adjustment*per year RelatedRetirement Calculator | Pension Calculator | 401K Calculator

The term "Social Security" is used in the U.S. to refer to the system that provides monetary a-sistance to people with inadequate or no income. The term can be better understood by thinking of it as the "financial security of society." Although they may not go by the same name, there are many similar government systems in place throughout the world. This calculator is specifically intended for U.S. Social Security purposes.

Before Social Security (SS), care for the elderly or disabled in the U.S. wasn't a federal responsibility; if they weren't cared for by family, it fell into the hands of municipalities or states. This changed in 1935 when the Social Security Act (originally named the Economic Security Act) was first established in the U.S. by President Franklin Roosevelt. The first taxes were collected starting in January 1937, which enabled monetary a-sistance to qualified Americans with inadequate or no income. Originally, SS was just a program that paid out retirement benefits, but a 1939 change added survivors benefits for a retiree's spouse and children. In addition, in 1956, disability benefits were added.

Is Social Security Taxed In Pa - TaxesTalk.net

Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income in addition to

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service rules. Social Security has a sliding scale of taxation depending upon your income. If you file a federal tax return as an “individual” and your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50 % of your benefits. If your income is more than $34,000, up to 85% of your benefits may be taxable.

If you and your spouse file a joint return, and you have a combined income that is between $32,000 and $44,000, you may have to pay income tax on up to 50 % of your benefits. If you and your spouse have a combined income of more than $44,000, up to 85 % of your benefits may be taxable.

Once you start receiving Social Security benefits, whether they are retirement or disability benefits, you will receive a Social Security Benefit Statement in January, showing the amount of benefits you received in the previous year. You can use this Benefit Statement when you complete your federal income tax return to find out if your benefits are subject to federal income tax.

Pennsylvanias statewide State Employees Retirement System, or SERS, is one of the oldest and largest retirement plans for state employees in the country. When the state first hires an employee or when they get close to retirement age, they have lots of decisions to make about their retirement benefits, including at what age they wish to retire.

The SERS normal retirement age is 65, 60, 55 or 50 years of age, depending on what class of service you were in. A SERS employees class of service is determined by when they became a member and the type of work that they did. The annual pension for SERS members is calculated with a formula that includes a few variables about your service as a state employee, including:

Is My Social Security Income Taxable Calculator? - mistersocialsecurity.com

Category: Taxable Social Security Taxable Income

Similarly, How do I calculate how much of my Social Security is taxable?

According to the IRS, the quickest approach to determine whether you will owe taxes on your Social Security payments is to add one-half of your benefits to any other income, including tax-exempt interest.

Many seniors are astonished to hear that their Social Security checks are taxed. A portion of a retiree’s benefit is liable to taxes if they are still working. These earnings are added to half of your social security payments by the IRS, and if the total exceeds the established income level, the benefits are taxed.

Since the 1980s, certain beneficiaries of these benefits have been forced to pay taxes on the money they receive if their income falls below a specific threshold. While Social Security payments are not included in gross income, they are included in combined income, which is used by the IRS to a-sess whether benefits are taxable.

The IRS warns people receiving Social Security payments that a part of their benefits may be subject to federal income tax. Monthly retirement, survivor, and disability payments are all available via Social Security. Supplemental security income payments aren’t included since they aren’t taxed.

Is it true that Social Security payouts are taxed regardless of age? Yes. As a person becomes older, the regulations for taxation benefits do not alter. Your income level — especially, what the Internal Revenue Service refers to as “provisional income” — determines whether or not your Social Security benefits are taxed.

Quick Calculator

Benefit estimates depend on your date of birth and on your earnings history. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. So benefit estimates made by the Quick Calculator are rough.

Although the "Quick Calculator" makes an initial a-sumption about your past earnings, you will have the opportunity to change the a-sumed earnings (click on "See the earnings we used" after you complete and submit the form below).

If you entered 0, we a-sume you are now retired. Enter the last year in which you had covered earnings and the amount of such earnings. Year: Earnings: $ Future retirement date option If you have decided upon a retirement date, enter the month number and year in which you plan to retire. Month Year

By "retirement date," we mean the month in which you intend to stop working. We a-sume that this is also the month for which you want benefits to begin. However, if you enter a date before you are eligible for benefits, we will a-sume you want to start receiving benefits at the earliest possible age (age 62).

Note that using this option gives only one benefit estimate. If you do not give a retirement date and if you have not reached your normal (or full) retirement age, the Quick Calculator will give benefit estimates for three different retirement ages.

Calculating Taxable Social Security Benefits - Not as Easy as 0%, 50%, 85% - Moneytree Software

It is typical for Social Security benefits to be 85% taxable, especially for clients with higher income sources in retirement. But the benefit subject to taxation can be lower. Depending on income levels, taxable Social Security can be 0%, 50%, or 85% taxable. However, there are certain elements that make taxation of benefits not as […]

It is typical for Social Security benefits to be 85% taxable, especially for clients with higher income sources in retirement. But the benefit subject to taxation can be lower. Depending on income levels, taxable Social Security can be 0%, 50%, or 85% taxable. However, there are certain elements that make taxation of benefits not as simple as 0%/50%/85%.

The highest portion of social security benefits subject to taxes is 85%, while 0% is lowest, depending on provisional income. The provisional income is the adjusted gross income, plus tax-free interest, less Social Security benefits, plus one-half of Social Security benefits. The following ranges of provisional income determine the maximum taxable Social Security.

Moneytree Advise always a-sumes that 85% of the Social Security benefits is taxable to be most conservative (and straightforward). When running Aspire reports in Moneytree Plan, the advisor sets the taxable percentage between 0%, 50% or 85%. Prosper reports determine the taxable Social Security each year, thanks to the detailed tax analysis built into the projections. As a client’s provisional income changes, the amount of Social Security benefits subject to taxes can change too. The taxable amount determined by the projection displays on the Social Security Worksheet (report D16), then carried to the Taxable Income Analysis, column 6 (report D7).

C) Add pre-93 rules taxable social security of $6,000 (A) + additional amount of taxable social security for provisional income over $44,000 according to the post-93 rules (B) for the total taxable social security

* Provisional Income (PI) is calculated as the AGI Less Social Security benefits plus Tax-Free Interest, plus 1/2 Social Security benefits. On the Taxable Social Security Report: PI = Column 1 + Column 2 + 1/2 Column 3 (Column 1 already shows the AGI Less the Social Security benefits).