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Is Social Security income taxable to the IRS? Do I have to file a tax return in 2024?

You have to pay taxes if you get social security benefits. The amount depends on your income and whether you file your taxes individually or jointly with your spouse. 

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According to the IRS, you have to pay taxes if you get social security benefits. The amount depends on your income and whether you file your taxes individually or jointly with your spouse. 

50% of your social security benefit is taxable if your combined income is above $25,000 as an individual or $32,000 as a couple. However, people with no other source of income apart from social security benefits do not have to file a tax return.

What is social security income?

Social Security is a program established by the Federal government of the United States for retirees and the disabled. The monthly payment being given to this category of people or their children, spouse or survivors is known as the Social Security income. Exception of the disabled, for a worker to enjoy or benefit from the Social Security program, the individual must be 62 years of age or older.

 For the retirees, the Social Security income varies depending on the age at which they filed for their retirement benefits while for the disabled, it is dependent on their condition. However, one of the eligibility criteria for these benefits from the Social Security program is having low or no source of income. 

Is Social Security income taxable by the IRS? 

According to the regulations of the Internal Revenue Service (IRS), individuals who receive Social Security benefits are required to pay income tax on those funds.

The amount is calculated using a formula that includes combined income which is calculated by adding your adjusted gross income, nontaxable interest, and half of your Social Security benefits.

If your combined income is above base amount, you will need to pay some taxes. For 2023 and 2024, the limit is $25,000 for individuals, and $32,000 for those filing jointly. 

Here’s a breakdown of how much of your Social Security benefits are taxable:

  • If you file your taxes as an individual and your combined income is between $25,000 and $34,000, up to 50% of your Social Security benefits is taxable.
  • If you file jointly with your spouse and your combined income is between $32,000 and $44,000, up to 50% of your Social Security benefits is taxable.
  • If you file your taxes as an individual and your combined income is over $34,000, up to 85% of your Social Security benefits is taxable.
  • If you file jointly with your spouse and your combined income is over $44,000, up to 85% of your Social Security benefits is taxable.

Do I have to file a Tax Return in 2024?

Yes, you have to file a tax return in 2024 if your combined income is above the base amount set by the IRS.

Social Security Benefit Statement or SSA-1099 shows how much you have received in benefits throughout the year. It’s important for calculating your federal tax return. If you are a beneficiary, the Social Security Administration will automatically mail the SSA-1099 to you, but if you don’t receive it, you can access a printable version by setting up a “my Social Security” account.

Emem Ukpong
Emem Ukponghttps://stimulus-check.com/author/emem-uk/
Hello, I'm Emem Ukpong, a Content Writer at Stimulus Check. I have a Bachelor's degree in Biochemistry, and several professional certifications in Digital Marketing—where I piqued interest in content writing/marketing. My job as a writer isn't fueled by a love for writing, but rather, by my passion for solving problems and providing answers. With over two years of professional experience, I have worked with various companies to write articles, blog posts, social media content, and newsletters, across various niches. However, I specialize in writing and editing economic and social content. Currently, I write news articles and informational content for Stimulus Check. I collaborate with SEO specialists to ensure accurate information gets to the people looking for it in real-time. Outside of work, I love reading, as it relaxes and stimulates my mind. I also love to formulate skin care products—a fun way to channel my creativity and keep the scientist in me alive.

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