{"id":119,"date":"2015-01-06T15:28:08","date_gmt":"2015-01-06T20:28:08","guid":{"rendered":"http:\/\/blog.etax.com\/?p=119"},"modified":"2014-12-04T15:29:32","modified_gmt":"2014-12-04T20:29:32","slug":"taxable-truth-social-security-benefits","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/01\/06\/taxable-truth-social-security-benefits\/","title":{"rendered":"The Taxable Truth of Social Security Benefits"},"content":{"rendered":"

Those who receive Social Security income may be required to pay taxes on part of their benefits, though there are some who discover their benefits aren\u2019t subject to federal tax. If you receive Social Security, how can you tell if your benefits are taxable? The following facts can shed a little light on how your taxes relate to Social Security income.<\/p>\n

Anyone who received benefits through the tax year 2014, should receive a Form SSA-1099, Social Security Benefit Statement, showing the total amount you received. If your total annual income was completely from Social Security benefits, you may not be subject to taxes, and you may not be required to file a return at all.<\/span><\/p>\n

However, if you receive income from sources other than Social Security, you\u2019ll likely be required to pay tax on some portion of your benefits. Whether or not you pay taxes is contingent upon your total income and which status you use to file your return.<\/span><\/p>\n

Taxable Equation:<\/b><\/span><\/p>\n

A simple equation is all it takes to determine if your benefits are taxable. Add half of the amount you receive in Social Security to the total of any additional income you earned, including interest which is exempt from taxes. Compare the sum of your income to the predetermined base amounts, which are related to filing status. If the total is greater than the base amount, your benefits are likely to be taxed. The base amounts are:<\/span><\/p>\n