It’s tax season once again and for many Americans, the process of determining what you owe or should get back can be quite complicated. This is especially true for individuals who receive Social Security Disability benefits.
While some citizens who are considered disabled may not have to pay taxes on their benefits or income, others may. Experts say it depends on how much money the taxpayer brought in over the past year.
If you’re receiving Supplemental Security Income, it’s likely you will not have to pay taxes on your benefits. This is because in order to qualify for the program, you must have limited income. If you’re approved for these benefits, it’s highly likely you aren’t making enough to be required to pay taxes on them.
According to the Social Security Administration, disabled individuals who make less than $25,000 per year will not owe taxes on their income; however, those who made between $25,000 and $34,000 will have to pay taxes on up to 50 percent of the benefits they received. Disabled Americans who made more than $34,000 will owe taxes on as much as 85 percent of their income.
The numbers change if a disabled individual files their taxes jointly with a spouse. Families making between $32,000 and $44,000 must pay taxes on no more than 50 percent of their benefits, while those bringing in more than $44,000 must pay income taxes on as much as 85 percent of their benefits.
If you’re considering applying for Social Security Disability benefits, the questions you have about taxes are likely only scratching the surface of the concerns that are on your mind. At Fleschner, Stark, Tanoos & Newlin, we know that speaking with a qualified legal representative is often the best way to get the answers you’re looking for and we’re here to help. Call our team of Social Security Disability lawyers anytime at (800) 477-7315 to discuss your case.
Fleschner, Stark, Tanoos & NewlinN/a
The financial burden that often comes with a serious injury can be too much for many people to bear. Unexpected medical debt, damaged personal property, and the sudden loss of income can impact the budgets of most families. The good news is that a successful injury claim could help reduce that financial strain after a serious accident. Get in touch with a Terre Haute personal injury lawyer with Fleschner, Stark, Tanoos & Newlin to learn more.
© Fleschner, Stark, Tanoos & Newlin