Tax Tip 2022-22: IRS reminds taxpayers their Social Security benefits may be taxable
Internal Revenue Service (IRS) sent this bulletin at 02/09/2022 09:44 AM EST
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Issue Number: Tax Tip 2022-22IRS reminds taxpayers their Social Security benefits may be taxable A new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer's income and filing status. To determine if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends and capital gains.
Fifty percent of a taxpayer's benefits may be taxable if they are:
Up to 85% of a taxpayer's benefits may be taxable if they are:
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