Some people that are retired do not have access to tax advice. One question that arises is whether their social security benefits are taxable? The answer is “maybe.” Here are some guidelines from the IRS and a link to help you find the answer.
1. If you received social security benefits , you should have received a Form SSA-1099, Social Security Benefit Statement, showing the amount.
2. If Social Security was your only source of income, your benefits may not be taxable. You also may not need to file a federal income tax return.
3. If you get income from other sources, then you may have to pay taxes on some of your benefits.
4. Your income and filing status affect whether you must pay taxes on your Social Security.
5. The best, and free, way to find out if your benefits are taxable is to use IRS Free File to prepare and e-file your tax return. If you made $58,000 or less, you can use Free File tax software. The software will figure the taxable benefits for you. If your income was more than $58,000 and you feel comfortable doing your own taxes, use Free File Fillable Forms. Free File is available only at IRS.gov/freefile.
6. If you file a paper return, visit IRS.gov and use the Interactive Tax Assistant tool to see if any of your benefits are taxable.
For more on this topic visit IRS.gov.
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