Do you have to pay taxes on Social Security benefits?
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If you are on Social Security you may have to file and Income Tax Return if you meet the following criteria: Your total income for that tax year is more the $25,000 if you are a single person If you are married and you earned more then $35,000 in the tax year. You have another source of income other then your Social Security benefits. Your spouse has another source of income other then the Social Security benefits.
If you would like to learn more information about when you need to file an Income Tax return while on Social security you can go to the following websites: ssa-custhelp.ssa.gov/app/answers/detail/... 4socialsecuritydisability.com/taxes.html You can also obtain the Publication 915 from the Internal Revenue Service, which will outline when a person on Social Security should file an Income Tax return.
Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits. No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.
Between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. More than $34,000, up to 85 percent of your benefits may be taxable. More than $44,000, up to 85 percent of your benefits may be taxable.
Are married and file a separate tax return, you probably will pay taxes on your benefits. Each January you will receive a Social Security Benefit Statement (Form SSA-1099) showing the amount of benefits you received in the previous year. You can use this Benefit Statement when you complete your federal income tax return to find out if your benefits are subject to tax.
If you do have to pay taxes on your Social Security benefits, you can make quarterly estimated tax payments to the IRS or choose to have federal taxes withheld from your benefits. For more information about taxation of benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits.
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