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Knowing Whether or Not your Social Security Benefits are Taxable

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Those retirees whom receive Social Security benefits while simultaneously making extra income from another source are often unsure whether or not their Social Security benefits require payment of income taxes. There is a way to know what the case is for any given individual and it has to do with Form SSA-1099.

Form SSA-1099 is the social security benefit statement for a given individual. This form shows how much money one has received through Social Security and the total benefit can be found in Box 3. Once you have the total benefit number, add one-half of this number to your additional income, including tax exempt income. The sum of these numbers is the provisional income of the individual.

In general, if the provisional income of an individual is more than $25,000 (or $32,000 for those married couples whom file jointly) then some of the social security benefits may be taxable. To be certain, IRS.gov has a tool which allows one to see whether any Social Security benefits are taxable.

Works Cited

Tompor, Susan. "Rules Change as You Age." Tampa Bay Times 24 Mar. 2014: 4B. Print.

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  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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