US citizens may have to pay federal income taxes on their Social Security benefits. This would be if they had another great income on top of their benefits.For example, salary, self-employment, interest, dividends, or other income that should be counted on your annual tax return.
For its part, the Internal Revenue Service (IRS) has established certain rules in this regard. Accordingly, the taxpayer must pay 85% of their Social Security (SS) benefits.
To do this, taxpayers must declare as natural persons if they have a combined income of more than $34,000.00. They will also do this if they are joint filers with incomes greater than $44,000.00.
In the case of individual applicants earning between $25,000.00 and $34,000.00, they will pay taxes on up to 50% of their benefits. This will also apply to joint applicants who have accumulated an income between $32,000.00 and $44,000.00.
The official Social Security website states that in January taxpayers will receive a Social Security Benefit Statement. This is known as SSA Form 1099 and shows the amount of benefits received in the previous year.
When is this performance ad used?
It can be used once your federal income tax return is complete to see if benefits are taxable.
It may happen that the person currently lives in the United States and has lost or not received an SSA-1099 or SSA-1042S form for the previous tax year. In this case, you can obtain an immediate replacement form using my online Social Security account.
If you don’t have an account, there is always the possibility to create one online. For an alternate SSA-1099 or SSA-1042S form, select the Alternate Documents tab to obtain the form.
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