{"id":379,"date":"2019-10-02T06:56:47","date_gmt":"2019-10-02T11:56:47","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=379"},"modified":"2024-11-23T08:31:46","modified_gmt":"2024-11-23T13:31:46","slug":"social-security-benefits-and-your-taxes","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=379","title":{"rendered":"Social Security Benefits and Your Taxes"},"content":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Tax Tip 2013-24<\/h3>\n

Inside This Issue<\/h3>\n
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Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in 2012.<\/p>\n

Here are five tips from the IRS to help you determine if your benefits are taxable:<\/p>\n

1.\u00a0The amount of your income and your filing status affect whether you must pay taxes on your Social Security.<\/p>\n

2.\u00a0If Social Security was your only income in 2012, your benefits are probably not taxable. You also may not need to file a federal income tax return.<\/p>\n

3.\u00a0If you received income from other sources, then you may have to pay taxes on your benefits.<\/p>\n

4.\u00a0You can follow these two quick steps to see if your benefits are taxable:<\/p>\n

\u2022\u00a0Add one-half of the Social Security benefits you received to all your other income, including tax-exempt interest. Tax-exempt interest includes interest from state and municipal bonds.<\/p>\n

\u2022\u00a0Next, compare this total to the \u2018base amount\u2019 for your filing status. If the total is more than your base amount, then some of your benefits may be taxable.<\/p>\n

The three 2012 base amounts are:<\/strong><\/p>\n

$25,000<\/strong> for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year;<\/p>\n

$32,000 <\/strong>for married couples filing jointly; and<\/p>\n

$0 <\/strong>for married persons filing separately who lived together at any time during the year.<\/p>\n

5.\u00a0If you use IRS e-file to prepare and file your tax return, the tax software will figure your taxable benefits for you. If you file a paper return, you can use the Interactive Tax Assistant tool on the IRS website to check if your benefits are taxable. The ITA is a resource that can help answer tax law questions. There also is a worksheet in the instructions for Form 1040 or 1040A that you can use to figure your taxable benefits.<\/p>\n

For more information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. You can get a copy of this booklet on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
\nAdditional IRS Resources:<\/strong><\/p>\n