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If you receive Social Security payments you may have to pay taxes on them


Supplemental Security Income (SSI) payments are not taxable.

Photo: csamhaber / Pixabay

Taxpayers who receive Social Security benefits may have a duty to pay federal taxes on a portion of those benefits.. Social Security benefits include monthly retirement, survivor and disability payments.

It should be noted that Supplemental Security Income (SSI) payments are not included here, as these are not taxable.

The part of the benefits that are taxable depends on the income and marital status of each taxpayer..

To find out if you must pay taxes on your Social Security benefits, you must take half of the Social Security money you collected during the year and add it to your other income, which can include pensions, wages, interest, dividends, and capital gains.

If you are single and that total is more than $ 25,000, then part of your Social Security benefits may be taxable..

If you are married and filing jointly with your partner, you must take half of your Social Security, plus half of your spouse’s Social Security, and add that to all of their combined income.

If that total is more than $ 32,000, then part of your Social Security may be taxable..

Remember that 50% of a taxpayer’s benefits may be taxable if:

–File a declaration as single, head of household or widower with income of $ 25,000 to $ 34,000.

–You are married, file a separate return, and lived separately from your spouse for all of 2020 with income of $ 25,000 to $ 34,000.

–You are married and file a joint return with income of $ 32,000 to $ 44,000.

On the other hand, up to 85% of a taxpayer’s profits can be taxable if:

–File a tax return as single, head of household or widower with income over $ 34,000.

–You are married and file a joint return with income greater than $ 44,000 in income.

– You are married, file a separate return, and lived separately from your spouse for all of 2020 with an income greater than $ 34,000.

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