Is my Social Security income taxable?
Generally, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.
If your Modified Adjusted Gross Income, or MAGI (which includes Social Security) is less than the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), your Social Security isn't taxable either. Once your MAGI exceeds those amounts, at least part of your Social Security becomes taxable.
Many states exempt Social Security from taxation, either partially or completely. Again, if your sole income is from Social Security, it's likely you don't need to file a state return either.
At any rate, go ahead and enter your SSA-1099 information in TurboTax and we'll figure all that out for you.
- Do I need to file a 2014 tax return with the IRS?
- Where do I enter Form SSA-1099?
- Do I need to report my Supplemental Security Income (SSI)?
- Does my child's Social Security benefits count as income?
- Do I need to report the $255 death benefit from Social Security?