Social Security is a federal program that promotes economic security for millions of Americans. With retirement, disability, and survivors benefits, Social Security is one of the most successful and effective programs in our nation’s history. Over 65 million people collected Social Security benefits in January 2022. If you collect social security, it’s important to know some key facts, including whether or not your Social Security Income is taxable.
Are Social Security Benefits Taxable?
According to the IRS, the taxable portion of the benefits that’s included in your income and used to calculate your income tax liability depends on the total amount of your income and benefits for the taxable year. You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR.
Your benefits may be taxable if the total of one-half of your benefits plus all of your other income is greater than the base amount for your filing status.
The base amount for your filing status is:
- $25,000 if you’re single, head of household, or qualifying widow(er),
- $25,000 if you’re married filing separately and lived apart from your spouse for the entire year,
- $32,000 if you’re married filing jointly,
- $0 if you’re married filing separately and lived with your spouse at any time during the tax year.
If your child receives Social Security dependent or survivor benefits, those payments are not considered taxable unless the child has sufficient income to file a return in their own name.
If you do have to pay taxes on your social security benefits, you can file quarterly estimated tax returns with the IRS or ask Social Security to withhold federal taxes from your payment..
Still Have Questions? Contact US Tax Shield Today
Our team of professionals includes tax preparers and CPAs who can help you prepare and file your taxes correctly. If your tax problems are more complicated or if you’ve made mistakes filing before, we have several tax attorneys who have helped lots of people with tax cases such as yours. We know how to help clear up your concerns and legal issues with the IRS and may even be able to save you thousands of dollars in the process.
Contact US Tax Shield at (877) 829-3535 to find out more information, and be sure to ask about our free tax consultation. We’re here to be your advocates, so contact us today to get started with your taxes.
