Can my Social Security Payments be Taxed? [Video]

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In today’s episode of Legal Live, Peter Riley of the Tom Riley Law Firm answers a question about Social Security and the IRS.

A viewer asked, “Now that I’ve turned 65 years old, and began collecting my Social Security payments, are they able to be taxed by the IRS?”

“Potentially, and it depends on how much you make,” says Peter. “85% of of Social Security benefits are potentially subject to tax, but if your income is below a certain level, and that level depends on your filing status–married, filing jointly, single, etc.–if your income is above a certain level, then it’s potentially taxable.”

Peter says, in general, if Social Security is your only income, you won’t …