IRS Data Shows $100,000-Plus Filers Claimed 37% of 2023 Social Security Benefits
Updated
Updated · Yahoo Finance · Sep 2
IRS Data Shows $100,000-Plus Filers Claimed 37% of 2023 Social Security Benefits
2 articles · Updated · Yahoo Finance · Sep 2
Summary
37% of Social Security benefits reported on 2023 federal tax returns appeared on returns with adjusted gross income of at least $100,000, the largest share of any income group in IRS data.
24% of reported benefits were tied to returns below $25,000, while filers earning $25,000 to $50,000 accounted for 15% and those at $50,000 to $100,000 for 25%.
The IRS figures cover benefits reported on tax returns—not all payments from the Social Security Administration—so some of the lowest-income recipients are likely missing because people living only on benefits often do not file.
Higher-income retirees can still draw larger checks because benefits are based on a worker's 35 highest-earning years and claiming age; in 2026, the maximum monthly retirement benefit ranges from $2,969 at age 62 to $5,181 at age 70.