Publication 915 - Social Security And Equivalent Railroad Retirement Benefits - Internal Revenue Service - 2001 Page 5
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28Maximum taxable part. Generally, up to 50% of your
to figure both your IRA deduction and your taxable
benefits will be taxable. However, up to 85% of your bene-
benefits.
fits can be taxable if either of the following situations
2) Situation (1) does not apply and you take an exclu-
applies to you.
sion for interest from qualified U.S. savings bonds
(Form 8815), for adoption benefits (Form 8839), for
1) The total of one-half of your benefits and all your
foreign earned income or housing (Form 2555 or
other income is more than $34,000 ($44,000 if you
Form 2555 –EZ), or for income earned in American
are married filing jointly).
Samoa (Form 4563) or Puerto Rico by bona fide
2) You are married filing separately and lived with
residents. In this situation, you must use Worksheet
your spouse at any time during 2001.
1 in this publication to figure your taxable benefits.
3) You received a lump-sum payment for an earlier
Which worksheet to use. A worksheet to figure your
year. In this situation, also complete Worksheet 2 or
taxable benefits is in the instructions for your Form 1040 or
3 and Worksheet 4 in this publication. See
1040A. You can use either that worksheet or Worksheet 1
Lump-Sum Election, later.
in this publication, unless any of the following situations
applies to you.
Examples
1) You contributed to a traditional individual retirement
arrangement (IRA) and your IRA deduction is limited
The following pages contain a few examples you can use
because you or your spouse is covered by a retire-
as a guide to figure the taxable part of your benefits.
ment plan at work. In this situation you must use the
special worksheets in Appendix B of Publication 590
Page 5
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