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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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I filed an E-1040 with TaxAct, forget to submit Form 8938. I have the 8938 form where do I send it?

Q) I filed an E-1040 with TaxAct. All the figures and computations were correct, so the IRS should have no trouble accepting the filed forms. I did, however, forget to submit Form 8938, which merely indicates how much money I have in a foreign bank. I have the 8938 form, so I just need to knowContinue Reading

Should self-employment taxes be paid quarterly or yearly?

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What is a Partnership?

A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income, deductions, gains, losses,Continue Reading

Do I need to change my maiden name on my Social Security card to file jointly?

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How can I correct the spelling of my name with the IRS?

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I filed my taxes on time using TaxACT….the system can’t find my payment or tax record…will it cause a problem?

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When should I file for an extension if I need more time.

Q) When should I file for an extension if I need more time. A) According the the IRS: U.S. citizens and resident aliens who file calendar year returns are required to file a tax return by April 15.  However, taxpayers who are overseas on the due date receive an automatic extension of two months (generallyContinue Reading

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How do I get my W-2 when my employer refuses to send me one?

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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 filed my 2016 taxes late and I’ve tried getting my transcript

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Can I get copies of my prior year Forms W-2 from the IRS

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I am 78 yrs old, I have a ROTH IRA and plan to cash it out, will this be considered an income?

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All employers must file a Form W-2

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I need an appointment to get a replacement ss card.

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How do partnerships file and pay quarterly estimated tax payments?

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I received notice stating I owe 1400 back taxes, how can I setup payment plan

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Will I see a date for my Tax refund right away?

Q) Will I see a date for my Tax refund right away? A) According to the IRS: Where’s My Refund? will not give you a refund date right away. We must first receive your tax return and then we have to process it and approve your refund. Where’s My Refund? will give you a personalized date once your refund isContinue Reading

I did not file my 2016 taxes.. how can i file without W2?

Q) I did not file my 2016 taxes due to not ever being able to get my W2 from a company how can i file that if i don’t have the information. A) You can use Form 4852 and your last paystub to file income taxes. Failing that, you can use IRS Form 4852 toContinue Reading

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Can I receive a tax refund if I am currently making tax payments on prior years?

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Business Structures

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What is the phone number for the IRS so I may talk to someone

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Why is my refund different than the amount expected on tax return I filed?

Q) Why is my refund different than the amount expected on tax return I filed? A) According to the IRS – If you owe past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or certain federal nontax debts, such as student loans, all or part of your refund may be used (offset)Continue Reading

Should self-employment taxes be paid quarterly or yearly?

Q) Should self-employment taxes be paid quarterly or yearly? A) According to the IRS: If you are required to make estimated tax payments, the self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax.  

Should I notify the IRS if I changed my address?

Q) Should I notify the IRS if I changed my address? A) Yes, if you move, you should notify the IRS of your new address. We need to change our records so that any tax refunds due to you or any other IRS communications will reach you in a timely manner.  If you filed a jointContinue Reading

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I have not received my stimulus check.

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Must I use a Joint account for my deposit if I am filing jointly?

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What are the penalties for filing and paying my taxes late?

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