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If you receive Social Security benefits, keep in mind that you likely need to pay taxes on that money. Like many parts of the tax code, it can be complicated to figure out whether – and how much – you may owe.

Here's a guide to the formula used by the Internal Revenue Service to determine just how much you'll owe on your benefits. The amount you may have to pay varies based on income and whether you are filing a joint or individual return, among other things.

Are Social Security benefits taxable?

Yes, Social Security benefits are taxable. IRS rulessay that many who receive Social Security benefits will have to pay an income tax on that money. 

The amount you owe is determined by a calculation on something the IRS calls "combined income." 

What is combined income for Social Security taxes?

The “combined income” calculation refers to your adjusted gross income plus nontaxable interest as well as half of your Social Security benefits.

Up to 85% of your Social Security benefits are taxable if: 

• You file a federal tax return as an "individual" and your combined income is more than $25,000.

• You file a joint return, and you and your spouse have a combined income of more than $32,000.

Up to 50% of your Social Security benefits are taxable if: 

• You file a federal tax return as an "individual" and your combined income is between $25,000 and $34,000.

• You file a joint return, and you and your spouse have a combined income between $32,000 and $44,000.

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What is an SSA-1099 form and how do you get it?

To help you figure out how much you received in benefits over the course of the year, the Social Security Administration should send you a form in January.

This is your Social Security Benefit Statement, or SSA-1099, and can be used to figure out how much you owe when you are filing your federal tax return.