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Filing season reminder: Social Security benefits may be taxable
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don't include supplemental security income payments, which aren't taxable.
The portion of benefits that are taxable depends on the taxpayer's income and filing status.
To find out if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends, and capital gains.
Fifty percent of a taxpayer's benefits may be taxable if they are:
Up to 85% of a taxpayer's benefits may be taxable if they are:
The Interactive Tax Assistant on IRS.gov can help taxpayers answer the question Are My Social Security or Railroad Retirement Tier I Benefits Taxable?
Thanks so much for the quick and helpful response! The info was very beneficial. Thanks again
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