Submitted By: someone
Answered: August 20, 2019 12:02 am

Are Social Security benefits taxable at 100%?

No. Depending on your income (including tax-exempt interest) and your filing status, as much as 85% of Social Security benefits may be includible in gross income. If your income is lower, you may only have to include up to 50% or even no benefits at all in gross income. And 37 states don’t tax any portion of Social Security benefits. Of the other states with an income tax, most follow the federal rule.

Tax Glossary

Nonrecourse financing

Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.

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