CPA Tom Walpole discussed Social Security recipients and marriage Monday on News 8 at Sunrise.
The topic was inspired by a viewer question which asked how much is taxed when it comes to Social Security recipients and marriage. “The answer is, it depends,” said Walpole. “It’s never easy with the government. You start out with a number called MAGI, which is an acronym for Modified Adjusted Gross Income. You take your adjusted gross income, and from that, you add any tax exempt interest that you might have. Then from there, you get to the provisional income, and to do that, you have to add one half of your Social Security. So now you’ve got your MAGI, and half of your Social Security to give you the provisional income, and from there you subtract the base amount. The base amount is going to depend on whether you are married or single.”