I retired last year, and started receiving social security payments. Do I have to pay taxes on my social security benefits?
The amount of income tax, if any, that you must pay on the social security benefits you receive depends on the total amount of your income and benefits for the taxable year. 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 Instructions or Form 1040A Instructions book, or in Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Refer to Publication 915, for base amounts and additional information regarding taxability and reporting requirements. Or, Tax Topic 423, Social Security and Equivalent Railroad Retirement Benefits, includes additional information regarding taxability and reporting requirements.
6.3 Social Security Income: Survivors' Benefits
Are social security survivor benefits for children considered taxable income?
The person who has the legal right to receive the benefits must determine whether the benefits are taxable. For example, if you and your child receive benefits, but the check for your child is made out in your name, you must use only your part of the benefits to see whether any benefits are taxable to you. The amount of income tax that your child must pay on that part of the benefits that belong to your child depends on the total amount of income and benefits for the taxable year. Refer to Publication 915 and Tax Topic 423, Social Security and Equivalent Railroad Retirement Benefits.
Sunday, September 7, 2008
Social Security Income: Regular & Disability Benefits
Posted by Anonymous at 8:03 PM
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment