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Are my Social Security benefits taxable?

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Question
Are my Social Security benefits taxable?

Answer

If the only income you received during the year was your Social Security or equivalent tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return.

Your social security benefits will not be taxed unless your adjusted gross income is generally equal to one half of your social security payments plus all your income from other sources.

The software will figure this amount for you based on your inputs.  The Social Security Benefits Worksheet will appear in the federal forms list when viewing your return after the calculation is completed from the SSA 1099 entries on the income page.

 

 


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Article Details
Views: 3336 Created on: Jun 15, 2013
Date updated: Nov 30, 2021
Posted in: Income

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