Tax Tip: Are your Social Security benefits taxable? - KAIT Jonesboro, AR - Region 8 News, weather, sports

Tax Tip: Are your Social Security benefits taxable?

A tax tip from IRS.gov

The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your benefits are taxable.

1) How much -- if any -- of your Social Security benefits are taxable depends on your total income and marital status.

2) Generally, if Social Security benefits were your only income for 2010, your benefits are not taxable and you probably do not need to file a federal income tax return.

3) If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.

4) Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet.

5) You can do the following quick computation to determine whether some of your benefits may be taxable:

  • First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.

  • Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.

6) The 2010 base amounts are:

  • $32,000 for married couples filing jointly.

  • $25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year.

  • $0 for married persons filing separately who lived together during the year.

7) For additional information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on this website or by calling 800-TAX-FORM (800-829-3676).

Links:

Publication 915, Social Security and Equivalent Railroad Retirement Benefits 

Remember that all of the web page addresses for the official IRS website, IRS.gov, begin with http://www.irs.gov. Don't be confused or misled by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov/.

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • breaking

    Sheriff: 10-year-old killed in accidental shooting

    Sheriff: 10-year-old killed in accidental shooting

    Saturday, September 23 2017 8:36 AM EDT2017-09-23 12:36:59 GMT
    (Source: Raycom Media)(Source: Raycom Media)
    The Dunklin County Sheriff's Office is investigating an accidental shooting that killed a 10-year-old.  According to a press release, deputies received a 911 call around 7 pm from the parents stating their son had been accidentally shot by an AR-15 rifle.  The parents were transporting the child to the Twin Rivers Emergency Room from the Arbyrd area. At the hospital, deputies say the father told them he was in the bedroom and removed a rifle from a gun safe, removed the m...
    The Dunklin County Sheriff's Office is investigating an accidental shooting that killed a 10-year-old.  According to a press release, deputies received a 911 call around 7 pm from the parents stating their son had been accidentally shot by an AR-15 rifle.  The parents were transporting the child to the Twin Rivers Emergency Room from the Arbyrd area. At the hospital, deputies say the father told them he was in the bedroom and removed a rifle from a gun safe, removed the m...
  • Walmart honors top fundraising stores

    Walmart honors top fundraising stores

    Friday, September 22 2017 9:34 PM EDT2017-09-23 01:34:59 GMT
    Saturday, September 23 2017 8:26 AM EDT2017-09-23 12:26:08 GMT
    (Source: KAIT)(Source: KAIT)

    Walmart and Sam’s Club Associates from Arkansas, Northern Louisiana, Eastern Texas, and Oklahoma were celebrated for being the top fundraising team for the Children’s Miracle Network in 2016.

    Walmart and Sam’s Club Associates from Arkansas, Northern Louisiana, Eastern Texas, and Oklahoma were celebrated for being the top fundraising team for the Children’s Miracle Network in 2016.

  • JPD: No witnesses coming forward in Cedar Heights shooting

    JPD: No witnesses coming forward in Cedar Heights shooting

    Sunday, September 17 2017 10:49 AM EDT2017-09-17 14:49:29 GMT
    Friday, September 22 2017 10:51 PM EDT2017-09-23 02:51:24 GMT
    (Source: Raycom Media)(Source: Raycom Media)

    Jonesboro police have released the names of those injured in a weekend shooting.

    Jonesboro police have released the names of those injured in a weekend shooting.

Powered by Frankly