Are Social Security Benefits Taxable?
April 9th, 2014|
With tax day approaching on April 15, many American citizens are scrambling to prepare their tax documents for filing. But the millions who receive Social Security Disability Benefits may be wondering if they need to file taxes on the income received from the Social Security Administration.
A release from the Internal Revenue Service offers an answer to that question and states that if an individuals’ only income was from Social Security or railroad retirement benefits, then a tax return may not need to be filed because that income is not taxable. If an individual has collected any additional income, his or her benefits may remain untaxed as long as the modified adjusted gross income is more than the filing’s base amount. This could require a tax return filing to be made, even if the income is not taxable.
Taxable benefits must be included in the gross income of recipients. This can include portions of both child and spousal benefits.
If any part of an individual’s Social Security benefits is taxable, they can request additional holdings throughout the year to reduce the impact.
The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin are aware of how complex the laws surrounding Social Security benefits can be. That’s why the firm urges anyone considering applying for benefits to speak with an experienced attorney. We can be reached to discuss your concerns and needs by calling 1-866-332-9372.