Is Social Security income taxable by the IRS? Here’s what you might owe on your benefits

Must read

METALLICA Announces Marching Band Competition Finalists

Metallica's recent "For Whom The Band Tolls" marching band competition has...

TD Ameritrade Accounts Face Changes This Weekend — Does Yours?

If you're a TD Ameritrade customer, finally get ready for some big changes this weekend. X Charles...

“Let The Race Come To You” – Tony Hoffman On Finding Purpose In Setbacks

It’s the 2011 Disney Cup Fall Nationals. The absolute best of the BMX world have gathered in Orlando.  The Latvian Māris Štrombergs and Australian Sam...

When it comes to tax season with its barrage of mind-boggling forms and detailed calculations, getting your personal finances in order can feel like a herculean task, especially if you’re not quite sure of the rules.

If you receive Social Security benefits from the government, for example, that money is subject to taxes. The amount you have to pay varies based on income and whether you are filing a joint or individual return.

To walk you through the process, here’s a guide to the formula used by the IRS to determine just how much you’ll owe on your benefits.

Tax season 2023 officially started: Here are key deadlines to keep in mind

What are the new 2023 tax brackets? Answers here

Is Social Security taxable?

Yes. The rules of the Internal Revenue Service dictate that many who receive Social Security benefits will have to pay an income tax on that money.

The amount you pay is determined by a calculation that involves what the IRS dubs “combined income.”

Combined income is: Your adjusted gross income + Nontaxable interest + ½ of your Social Security benefits.

Up to 85% of your Social Security benefits are taxable if:

  • You file a federal tax return as an “individual” and your combined income is more than $34,000.

  • You file a joint return, and you and your spouse have a combined income of more than $44,000.

Up to 50% of your Social Security benefits are taxable if:

  • You file a federal tax return as an “individual” and your combined income is between $25,000 and $34,000.

  • You file a joint return, and you and your spouse have a combined income between $32,000 and $44,000.

1099, W-4, W-2, W-9, 1040: What are these forms used for when filing your taxes?

How can I get my SSA-1099?

To help you figure out how much you received in benefits over the course of the year, the Social Security Administration should send you a form in January.

This is your Social Security Benefit Statement, or SSA-1099, and can be used to figure out how much you owe when you are filing your federal tax return.

For all those who receive benefits, the SSA-1099 should be mailed to you automatically. If you do not receive it, a printable version should be available online after you create a “my Social Security” account.

Are you ready to file your taxes? Here’s everything you need to know to file taxes in 2023.

This article originally appeared on USA TODAY: Is social security taxable? Find out how the 2023 rates are calculated

More articles

Latest article

SHADOWS FALL Adds FIT FOR AN AUTOPSY, ALLUVIAL & NORA To The War Within Anniversary Show

Shadows Fall recently announced a single anniversary show celebrating 20 years...

We Have A Discount On The Ultimate Dad Shoe

Calling all Dad Shoes enthusiasts, we've got your newest white sneaker obsession, right here. KLAW Footwear is a podiatrist-approved shoe brand with a single...

Watch ALGAR THE BARD Give GHOST’s “Mary On A Cross” The Renaissance Fair Treatment

Who said Ghost's music isn't romantic? Romantic, like, the 19th century,...

10 Valentine’s Day Gifts R29 Editors Are Utterly Smitten With

At Refinery29, we’re here to help you navigate this overwhelming world of stuff. All of our market picks are independently selected and curated by...

Rep. Jerry Nadler Adds Adam Schiff To The House Judiciary Committee

House Judiciary Committee ranking member Rep. Jerry Nadler (D-NY) has announced the addition of...