IRS - Tax Tips Is Social Security Taxable?

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Read More: www.geoclickz.com HERE'S A TIP FROM THE IRS. HI...I'M THERESA AND I WORK FOR THE INTERNAL REVENUE SERVICE. ONE OF THE MOST FREQUENT QUESTIONS THE IRS GETS EVERY YEAR IS..."ARE MY SOCIAL SECURITY BENEFITS TAXABLE ?" THE ANSWER IS NOT A SIMPLE YES OR NO. IF SOCIAL SECURITY IS YOUR ONLY INCOME DURING THE YEAR, THEN GENERALLY, YOUR PAYMENTS ARE NOT TAXABLE. ON THE OTHER HAND...IF YOU HAVE ADDITIONAL INCOME, HERE'S A QUICK WAY, TO ESTIMATE IF YOU WILL HAVE TO INCLUDE SOCIAL SECURITY PAYMENTS AS INCOME ON YOUR TAX RETURN. TAKE ONE HALF OF THE SOCIAL SECURITY MONEY YOU COLLECTED DURING THE YEAR AND ADD IT TO YOUR OTHER INCOME. OTHER INCOME INCLUDES PENSIONS, WAGES, INTEREST, DIVIDENDS, AND CAPITAL GAINS. IF YOU ARE SINGLE AND THAT TOTAL COMES TO MORE THAN 25-THOUSAND DOLLARS, THEN PART OF YOUR SOCIAL SECURITY BENEFITS MAY BE TAXABLE. IF YOU ARE MARRIED FILING JOINTLY, DO THAT SAME CALCULATION FOR BOTH YOU AND YOUR SPOUSE. IN OTHER WORDS...TAKE HALF OF YOUR SOCIAL SECURITY...TAKE HALF OF YOUR SPOUSE'S SOCIAL SECURITY...AND ADD THAT TO ALL OF YOUR COMBINED INCOME. AND IF THAT SUM IS MORE THAN 000...THEN PART OF YOUR SOCIAL SECURITY PAYMENTS MAY BE TAXABLE. HOWEVER, IF YOU ARE MARRIED FILING SEPARATELY, THEN PART OF YOUR SOCIAL SECURITY PAYMENTS MAY BE TAXABLE NO MATTER WHAT THE SUM IS. THERE ARE LOTS OF FACTORS THAT CAN AFFECT THIS CALCULATION. LEARN MORE BY GOING TO IRS.GOV AND DOWNLOADING PUBLICATION 915. Powered By GeoClickz.com www.geoclickz.com

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