Page 14 THE MALDEN ADVOCATE–Friday, January 8, 2021 avvya yavvy en oniorior avvy S ior io iori by Jim Miller Is Social Security Income Taxable? Dear Savvy Senior, I understand that a portion of my Social Security benefi ts may be taxable when I retire. Can you tell me how to calculate this? Ready to Retirer Dear Ready, Whether or not you’ll be required to pay federal income tax on your Social Security benefi ts will depend on your income and fi ling status. About 35 percent of Social Security recipients have total incomes high enough to trigger federal income tax on their benefi ts. To fi gure out if your benefi ts will be taxable, you’ll need to add up all of your “provisional income,” which includes wages, taxable and non-taxable interest, dividends, pensions and taxable retirementplan distributions, self-employment, and other taxable income, plus half your annual Social Security benefits, minus certain deductions used in fi guring your adjusted gross income. How to Calculate To help you with the calculations, get a copy of IRS Publication 915 “Social Security and Equivalent Railroad Retirement Benefi ts,” which provides detailed instructions and worksheets. You can download it at IRS.gov/pub/irs-pdf/p915.pdf or call the IRS at 800829-3676 and ask them to mail you a free copy. After you do the calculations, the IRS says that if you’re single and your total income from all of the listed sources is: ● Less than $25,000, your Social Security will not be subject to federal income tax. ● Between $25,000 and $34,000, up to 50 percent of your Social Security benefi ts will be taxed at your regular income-tax rate. ● More than $34,000, up to 85 percent of your benefi ts will be taxed. If you’re married and fi ling jointly and the total from all sources is: ● Less than $32,000, your Social Security won’t be taxed. ● Between $32,000 and $44,000, up to 50 percent of your Social Security benefi ts will be taxed. ● More than $44,000, up to 85 percent of your benefi ts will be taxed. If you’re married and fi le a separate return, you probably will pay taxes on your benefi ts. To limit potential taxes on your benefi ts, you’ll need to be cautious when taking distributions from retirement accounts or other sources. In addition to triggering ordinary income tax, a distribution that signifi cantly raises your gross income can bump the proportion of your Social Security benefi ts subject to taxes. How to File If you fi nd that part of your Social Security benefi ts will be taxable, you’ll need to fi le using Form 1040 or Form 1040-SR. You also need to know that if you do owe taxes, you’ll need to make quarterly estimated tax payments to the IRS, or you can choose to have it automatically withheld from your benefi ts. To have it withheld, you’ll need to complete IRS Form W-4V, Voluntary Withholding Request (IRS.gov/pub/irs-pdf/fw4v.pdf), and fi le it with your local Social Security offi ce. You can choose to have 7 percent, 10 percent, 12 percent or 22 percent of your total benefi t payment withheld. If you subsequently decide you don’t want the taxes withheld, you can fi le another W-4V to stop the withholding. If you have additional questions on taxable Social Security benefi ts call the IRS help line at 800-829-1040. State Taxation In addition to the federal government, 13 states – Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia – tax Social Security benefi ts to some extent too. If you live in one of these states, check with your state tax agency for details. For links to state tax agencies see TaxAdmin.org/statetax-agencies. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. ~ LEGAL NOTICE ~ PUBLIC NOTICE CITY OF MALDEN LIQUOR LICENSING BOARD Notice is hereby given that a Public Hearing will be held before the Licensing Board for the City of Malden VIA ZOOM WEBINAR on the 26th day of January, 2021 at 6:00 p.m. regarding the application of Malden Sky, Inc. d/b/a Omori Izakaya & Sushi for common victualers and full liquor license to sell all alcoholic beverages as a restaurant at 166 Eastern Avenue, Malden, MA. Application is being made for a 7 day license as a restaurant. All interested parties will be given an opportunity to be heard. In accordance with Governor Baker’s 3/12/20 Order Suspending Certain Provisions of the Open Meeting Law, MGL c. 30A §18, and the 3/23/20 Revised Guidance on Order by the Governor Prohibiting Assemblage of More than Ten People, this meeting will be conducted via remote participation. In person attendance by members of the public is prohibited, and all effort will be made to permit public attendance of this meeting, in the manner specified below, via remote access by internet, telephone, and, if available, via public broadcast by Malden Access Cable Television on public access television channels. Public access will also be provided by posting draft minutes, and/or a transcript, recording, or record of the meeting on the City of Malden website at cityofmalden.org as soon as practicable after the meeting. Additional information/guidelines for the public can be found here: https://www.cityofmalden.org/DocumentCenter/View/2487/Public-information-on-PublicMeetings-and-Hearings-during-the-Declared-State-of-Emergency-related-to-COVID19PDF Members of the public who wish to attend remotely can do so using the following information: You are invited to a Zoom webinar. When: Jan 26, 2021 06:00 PM Eastern Time (US and Canada) Topic: Liquor Licensing Board Meeting Please click the link below to join the webinar: https://cityofmalden.zoom.us/j/98898826347?pwd=OEdqaFExajUwblNJL3NpUnZ6YWs5UT09 Passcode: 950002 Or iPhone one-tap : US: +19294362866,,98898826347#,,,,*950002# or +16465189805,,98898826347#,,,,*95 0002# Or Telephone: Dial(for higher quality, dial a number based on your current location): US: +1 929 436 2866 or +1 646 518 9805 Webinar ID: 988 9882 6347 Passcode: 950002 International numbers available: https://cityofmalden.zoom.us/u/azu9Wo7RZ If you would like to request a reasonable accommodation, please contact Maria Luise, ADA Compliance Coordinator at mluise@cityofmalden.org or 781-397-7000, Ext, 2005. Lee A. Kinnon, Chairman Andrew Zeiberg, Member Frances Lin, Member January 8, 2021 ~ Home of the Week ~ SAUGUS...Attached single Family Colonial, Duplex style home. First floor features an eat-in kitchen, formal dining and living room, both with original tin ceilings and hardwood floors under carpets, half bath and four season, heated front porch with convenient laundry hook up. Second floor offers a full bath, two full size bedrooms and one smaller, office-size room, fits a twin bed and possibly a desk or dresser and nightstand, all with hardwood floors. Walk up attic for plenty of storage or finish for additional living space. Offered at $349,900 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com View the interior of this home right on your smartphone.
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