Frequently Asked Tax Questions And Answers
Keyword: Social Security Benefits
6.3 Social Security Income: Regular & Disability Benefits
I retired last year, and started receiving social security payments.
Do I have to pay taxes on my social security benefits?
To determine whether any of your benefits are taxable, compare the base
amount for your filing status with the total of one half of your social security
payments plus all your income from other sources, including tax exempt interest.
If you are married and file a joint return, you must combine your incomes
and your social security and equivalent tier 1 railroad retirement benefits
when figuring the taxable portion of the benefits. The taxable amount of the
benefits is figured on a worksheet in the Form 1040 or 1040A instruction book,
or in Publication 915, Social Security and Equivalent Railroad Retirement
Benefits. Refer to Tax Topic 423, Social Security and Equivalent
Railroad Retirement Benefits, for base amounts, and additional information
regarding taxability and reporting requirements.
References:
- Publication 915, Social Security and Equivalent Railroad
Retirement Benefits
- Tax Topic 423, Social security and equivalent railroad
retirement benefits
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