Ask Larry

I receive a government pension (worked for USPS for 37 years) I receive $76K from the USPS pension and another 19K form Thrift Savings plan. My wife start collecting Social Security this August. My question - Is my government pension and Thrift Savings accounts considered taxable income for my wife's Social Security? According to SS "If you are married and you and your spouse have a total income of more than $32,000," you may have to pay taxes on the benefits you get from SS. If they are taxed, I need to figure out what percentage of federal income tax I need to hold out via W-4V form.

Thanks for any advice you can offer.

Sincerely Leon

Hi Leon,

Unfortunately my only area of expertise is Social Security so I can't offer much help with tax questions. I can confirm that your income would count when determining if and how much of your wife's Social Security benefits are subject to income taxes, assuming that you file a joint return (https://www.ssa.gov/planners/taxes.html). And, in that case it sounds as though your level of earnings would likely result in 85% of your wife's Social Security benefits being taxable as income.

Best, Jerry