Income tax on Social Security

[Skip Towne]

Is income tax due on Social Security benefits? No smartass replies please.

[FD]

Yes

[seclark]

Is income tax due on Social Security benefits? No smartass replies please.

i've been the payee for my great uncle for a couple years now, which means his ss check comes to me. it doesn't show any deductions on the check, and i've never had to file for him.
might just be because he's disabled.
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[ROYC75]

I don't on my wifes disability, not sure on the other.

[Skip Towne]

I don't on my wifes disability, not sure on the other.

Does anyone know who to ask?

[seclark]

Does anyone know who to ask?

who does your taxes?
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[Braincase]

Does anyone know who to ask?

I'd give a holler at the tax help line. I think the AARp provides volunteers, so that ought to be doubly effective.

[ChiefsFanInIndy]

Is income tax due on Social Security benefits? No smartass replies please.

I don't know about disability social security. But if you are collecting retirement SS it depends on the amount of additional incomes you have.

In other words let's say you reach 67.5 years old and begin collecting SS. If you also have income from an IRA or 401k or pension that is payining out, then if your total income hits a certain threshold, you will have to pay income tax on 85% ( I think that's the %) of your SS income.

But obviously the IRS would be happy to answer that question for you.

[Skip Towne]

I'd give a holler at the tax help line. I think the AARp provides volunteers, so that ought to be doubly effective.

Have you got a number for them?

[vailpass]

Are Your Social Security Benefits Taxable?

IRS TAX TIP 2008-31

How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income, your benefits are not taxable.

Taxpayers who receive little or no income in addition to their Social Security Benefits would typically not need to file a tax return. However, you must file a 2007 tax return to receive an economic stimulus payment from the federal government.

If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. Your taxable benefits and modified adjusted gross income are figured in a worksheet in the Form 1040A or Form 1040 Instruction booklet.

Before you go to the instruction book, do the following quick computation to determine whether some of your benefits may be taxable:

First, add one–half of the total social security you received to all your other income, including any tax exempt interest and other exclusions from income.
Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.
The 2007 base amounts are:

$32,000 for married couples filing jointly
$25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year
$0 for married persons filing separately who lived together during the year
Taxpayers filing a 2007 return to receive an economic stimulus payment from the federal government must show at least $3,000 in qualifying income. Social Security benefits reported in box 5 of the 2007 Form 1099-SSA are considered as qualifying income for the stimulus payments.

If you do not have a Form 1099-SSA, you may estimate your annual Social Security benefit by taking your monthly benefit and multiplying it by the number of months during the year you received the benefits. You will then enter that number on Line 20a of Form 1040 or Line 14a of Form 1040A.

For additional information on the taxability of social security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on the IRS Web site at IRS.gov or by calling 800-TAX-FORM (800-829-3676). You can also visit IRS.gov for additional information about the economic stimulus payments being sent to taxpayers in 2008.


Links:

Publication 915, Social Security and Equivalent Railroad Retirement Benefits (994.0KB)
IRS Fact Sheet 2008-16 Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans'' Benefits.
Information on Stimulus Payments
Subscribe to IRS Tax Tips

http://www.irs.gov/newsroom/article/0,,id=179091,00.html

[ClevelandBronco]

Is income tax due on Social Security benefits? No smartass replies please.

Now that vailpass has actually answered the question and you've already ruled out smart ass replies, can we throw the thread open for dumb ass replies?

[seclark]

Now that vailpass has actually answered the question and you've already ruled out smart ass replies, can we throw the thread open for dumb ass replies?

i'm wondering that, too.
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[penguinz]

Have you got a number for them?You are on the internet. Use it.

[Skip Towne]

Now that vailpass has actually answered the question and you've already ruled out smart ass replies, can we throw the thread open for dumb ass replies?

Sure