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Do I have to pay taxes on my social security benefits?

Tax_questionQ) Do I have to pay taxes on my social security benefits?

A) According to the IRS: Social security benefits include monthly retirement, survivor, and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable. The amount of social security benefits that must be included on your income tax return and used to calculate your income tax liability depends on the total amount of your income and benefits for the taxable year.

To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of:

  • One-half of your benefits.
  • All of your other income, including tax-exempt interest.

The base amount for your filing status is shown next:

  • $25,000 if you are single, head of household, or qualifying widow(er),
  • $25,000 if you are married filing separately and lived apart from your spouse for the entire year,
  • $32,000 if you are married filing jointly.
  • $-0- if you are married filing separately and live with your spouse at any time during the tax year.

If you are married and file a joint return, you and your spouse must combine your incomes and social security benefits when figuring the taxable portion of your benefits.  Even if your spouse did not receive any benefits, you must add your spouse’s income to yours when figuring if any of your benefits are taxable, if you file a joint return.




 

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not yet received the rest of my federal refund .. over 5000$

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All employers must file a Form W-2

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 I filed for 2016 & was on the Apple plan & did not know I would receive a tax form for it.

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I received a letter stating I owe taxes on a non profit business, what form should I fill out for a non profit

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 I received a letter from the IRS. They say I owe $21,000 in taxes. I can’t pay this and I don’t know what to expect. Any advice would be appreciate

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filed my taxes and was rejected,, someone had already claimed my grandson..

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Do we take the standard deduction for our house interest payments or do we take 20% of the actual tax amount paid

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Self-employment tax

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How would I obtain a private letter ruling?

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Where can I write to have 2018 forms sent to me?

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How Do I Make My Quarterly Payments?

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If you receive a letter or notice from the IRS

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers a very specific issue about your account or taxContinue Reading

Do I have to pay taxes on my social security benefits?

Q) Do I have to pay taxes on my social security benefits? A) According to the IRS: Social security benefits include monthly retirement, survivor, and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable. The amount of social security benefits that must be included on your income tax return and usedContinue Reading

Filed Under: IRS