Six Facts About Social Security Benefits
If you were paid Social Security benefits in 2009,
you want to recognize whether or not these Social Security benefits
are taxable. Here are 6 facts the Internal Revenue Service wants
you to know about Social Security tax benefits so you can decide
whether or not they are taxable to you.
The Internal
Revenue Service offers 6 facts for taxpayers who have been paid
Social Security benefits. To reduce your tax liability on your
Social Security benefits, take a look at the 6 facts about Social
Security benefits listed below.
Here
Are The 6 Facts About Social Security Benefits:
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How
much - if any - of your Social Security benefits are taxable
depends on your total income and marital status.
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Generally,
if Social Security benefits were your only income for 2009,
your benefits are not taxable and you probably do not need
to file a federal income tax return.
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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.
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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. |
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|
The
2009 base amounts are:
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$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. |
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Call
us today at 713-661-1040 and let us put our experience to work
for you. Protecting your bottom line is our top priority!
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