By 2022, 66 million Americans every month will be receiving Social Security payments, making it the country's most popular source of financial assistance.In fact, the program's eligibility is so broad that Joe Biden, the president, and Jill Biden, the first lady, who live at 1600 Pennsylvania Avenue, are among its beneficiaries.With the notable exception of Donald Trump, most presidents since the 1970s have made their federal tax returns available to the public in an effort to provide voters with more transparency. The Bidens' substantial Social Security income was made public when they published their joint tax records during the 2020 presidential campaign.
Line 6a of the Bidens' Form 1040 from 2022 indicated that they had jointly claimed $54,665 in Social Security benefits during the previous calendar year. This amounts to about $2,275 per person every month.
Nevertheless, their Social Security benefits should be considered.However, their Social Security income should be viewed in light of their enormous yearly income and the taxes they would have had to pay throughout the years on that income. Their adjusted gross incomes (AGIs) fluctuated between $210,000 and $407,000 between 1998 and 2016, but they quickly increased.
The Bidens' combined AGI was over $11 million in 2017 and over $4.5 million in 2018. In light of this, their combined $4,555 in monthly Social Security benefits barely covers the taxes they would have had to pay throughout that period.Joe (age 79) and Jill (age 71) Biden are both eligible to collect Social Security retirement benefits, and both have made enough money over the course of their individual careers to be close to the maximum monthly amount. The Social Security Administration (SSA) bases its calculation of the monthly benefit on the 35 years with the highest earnings for the claimant, after accounting for inflation.
Are the Bidens' Social Security benefits subject to taxation?
Simply said, absolutely. Contrary to popular belief, there are several instances where Social Security benefits are subject to taxation.
As long as their modified adjusted gross income (MAGI) surpassed a certain threshold, the Social Security Amendments Act of 1983 amended the law to make half of a recipient's Social Security income liable to federal taxation.This was altered in 1993 when President Clinton instituted a second level of Social Security taxation, making 85% of the benefits received by high-income beneficiaries taxable.
Since the Bidens' income is much above the top income threshold, 85% of their Social Security benefits are now subject to federal taxation. The Bidens' taxable Social Security income in 2022 is listed as $46,465 on line 6b of their file.
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