What Is Social Security Income (Taxes)?

Up to 85% of your Social Security benefits may be taxable, depending on your total income. If Social Security is your only income, it's usually not taxable. But if you have wages, rental income, or retirement withdrawals in addition to benefits, some portion will likely be taxed. The IRS uses your combined income — AGI plus nontaxable interest plus half your Social Security — to determine how much is taxable. You'll receive a Form SSA-1099 showing your benefits each year.