Social Security Limit 2024 Tax Exemption

Social Security Limit 2024 Tax Exemption. The irs reminds taxpayers receiving social security benefits that they may have to pay federal income tax on a portion of those benefits. However, if you’re married and file separately, you’ll likely have to pay taxes on your social security income.

The federal government sets a limit on how much of your income is subject to the social security tax. The individual tax brackets for ordinary income have been adjusted by inflation (table 1):