Another factor that could make a beneficiary owe taxes is theCOLA increasefor 2024.
For more, check out theSocial Security payment scheduleand learn Social Security Fairness Act.
Can the COLA affect Social Security beneficiaries' taxes?
The 2024 COLA increase wasn’t nearly as high as the one before it, though.
How much could you be taxed for your Social Security benefits?
YourAGI is your total income, minus certain deductions.
Your AGI can be found in IRS form 1040 on line 11.
Here’s how much you could be taxed on your Social Security benefits, based on your filing status.
