The Internal Revenue Service (IRS) is gearing up for a new tax season. The earlier you start preparing, the better. This way you will benefit from getting a tax recovery as soon as possible.
What’s more, you won’t forget any details, which can also reduce the waiting time. Failure to send accurate information or sending an incomplete declaration to IRS it can be counterproductive.
If you have recently retired and have just collected Social security paymentsYou must be wondering whether or not you have to pay taxes on IRS. Your check can be for retirement, disability, or life support. But not SSI because they are not taxable.
ARE MY SOCIAL SECURITY BENEFITS TAXABLE?
According to the Internal Revenue Service (IRS), yours Social security Benefits it may be taxable if the total of 1/2 of your SSA payments, plus all of your earnings (including tax-free interest) is more than the principal amount. This basic amount is also different if you are single, married, or filing separately.
Married couples filing jointly have a base amount of 32,000 dollars said IRS. However, if you’re married filing separately and lived with your spouse at any time during the tax year, it’s $0.
Single files have a base amount of $25,000. It is the same amount if you are the head of a household. Eligible surviving spouses also have the same principal amount, $25,000.
Married couples who file separately and have lived apart from each other for the entire year also have a base amount of $25,000. Remember to combine your income and your spouse’s with your Social Security benefits, reminder IRS. Even if your spouse is not receiving benefits.
HOW CAN I FILE TAXES WITH THE IRS WHILE ON SOCIAL SECURITY?
These Social Security Beneficiaries who decide to file their tax return online will find it much easier. This is because the e-filing software will tell you the form you need to file.
Regardless of the form you need, it is advisable to gather all the necessary information. For example, on IRS recommends keeping all documents about the income you receive each year.
What’s more, you’ll need to provide them with your spouse’s age and filing status, as well as your age. Of course you will have to inform IRS of federal income tax withheld. Remember, this online filing tool is only for US citizens or resident aliens for the entire tax year.
Married filers must also be US citizens and resident aliens throughout the year. If not, you should check the information regarding international taxpayers. Visit for more details.