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
I am looking for the form you would use to find out how many quarters
you've put in, and what your Social Security amounts would be and the varying
ages of retirement, but I don't know the name. Can you help?
You need to check the Social Security Administration web site, at www.ssa.gov .
Or, you can contact the Social Security Administration at 1-800-772-1213.
They are currently providing information of this nature in an online format.
Their web site may also answer your other questions concerning social security.
References:
Are social security disability benefits taxed just like social security
retirement benefits?
There is no difference in the formula for determining the taxation of social
security benefits - whether the benefits are age-related or disability-related,
except social security benefits do not include supplemental security income
(SSI) payments, which are not taxable.
References:
- Publication 915, Social Security and Equivalent Railroad
Retirement Benefits
- Tax Topic 423, Social security and equivalent railroad
retirement benefits
Is social security income paid to a disabled dependent child taxable
income on the parent's return?
The income is reportable on the return of the person who has the legal
right to receive the benefits. The social security benefits belonging to your
dependent child must be added to your child's other income to see whether
any of those benefits are taxable to the child. Whether the benefits are taxable
will depend on the amount of benefits and amount of other income including
interest or dividends.
References:
- Publication 915, Social Security and Equivalent Railroad
Retirement Benefits
- Tax Topic 423, Social security and equivalent railroad
retirement benefits
Is social security considered earned income for purposes of the
Earned Income Credit (EIC)?
Social security is not considered earned income for EIC purposes. However,
depending on your other earnings during the year, part of it may be taxable
income.
References:
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