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Many receiving Social Security will need to pay taxes

About a third on Social Security will need to pay taxes and this is what you need to know

by Jim Borland, Assistant Deputy Commissioner, Communications

Street sign saying "Tax Season Again"March 21, 2016 - Did you know that your Social Security benefits may be taxable? This includes your monthly retirement, survivor, and disability benefits.

About one-third of people receiving Social Security benefits must pay taxes on some of these benefits, depending on the amount of their taxable income. This may happen if you have other significant income in addition to your Social Security benefits.

To find out whether you must pay taxes on your benefits, you will need your Social Security Benefit Statement (Form SSA-1099/1042S). You should automatically receive it in the mail each January. It shows the total amount of benefits you received from Social Security in the previous year so you know how much Social Security income to report to the Internal Revenue Service on your tax return.

The benefit statement is not available for people who receive Supplemental Security Income (SSI), as SSI payments are not taxable.

If you didn’t receive your Benefit Statement or misplaced it, you can get an instant replacement easily by using your secure my Social Security account.

If you don’t already have an online account, you can create one in minutes. Go to the my Social Security page, and select “Sign In or Create an Account.”

Once you are logged in, select the “Replacement Documents” tab to obtain your replacement 1099 or 1042S benefit statement. You can also use your personal my Social Security account to keep track of your earnings each year, manage your benefits, and more.

You can also obtain a replacement benefit statement by calling us at 1-800-772-1213 (TTY 1-800-325-0778), or contacting your local Social Security Office. If you live outside of the United States, please contact your nearest U.S. Embassy or Consulate.

Don’t wait. Be ready! Open your own personal my Social Security account today.

>> This blog published March 17 on Social Security website with comments, updates

>> About Jim Borland, Assistant Deputy Commissioner, Communications

 

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