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Are Social Security Benefits Taxable?

On Behalf of | Mar 13, 2015 | Uncategorized

Many recipients of Social Security benefits ask whether they will be responsible for paying taxes on the monthly benefits they receive. According to the IRS,

Social Security benefits include monthly retirement, survivor and dis ability benefits. They do not include supplemental security income (SSI) payments, which are not taxable. The amount of Social Security benefits that must be included on your income tax return and used to calculate your income tax liability depends on the total amount of your income and benefits for the taxable year.

To find out whether any of your benefits may be taxable, first you must add all of your gross income, any tax-exempt interest, and one half of your SS benefits. Then you should compare this amount to the base amount for your filing status (i.e., single, head of household or qualifying widow(er); married filing separately and lived apart from your spouse for the entire year; married filing separately and lived with your spouse at any time during the tax year; or married filing jointly).

If the total amount of your income is more than the base amount for your filing status, then a portion of your SS benefits may be taxable. This includes the lump sum of back benefits you received, if any. To find out more, refer to Publication 915 on the IRS website.

If you have questions about how your Social Security dis ability benefits, contact the law firm of Winegar, Wilhelm, Glynn & Roemersma to speak with one of our experienced attorneys.

THE FOREGOING IS INTENDED TO BE A GENERAL DISCUSSION OF THE LAW AND IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE. IF YOU HAVE A SPECIFIC QUESTION, PLEASE CONTACT OUR OFFICE AND SPEAK WITH AN ATTORNEY.

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