Many people may not realize the Social Security benefits they received in 2012 may be taxable. All Social Security recipients should receive a Form SSA-1099 from the Social Security administration which shows the total amount of their benefits. You can use this information to help you determine if your benefits are taxable.
- How much – if any – of your Social Security benefits are taxable depends on your total income and marital status.
- Generally, if Social Security benefits were your only income for 2012, your benefits are not taxable and you probably do not need to file a federal income tax return.
- 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 (see below).
- The 2011 (2012 not yet available) base amounts are:
- $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 spouse at any time during the year.
- $0 for married persons filing separately who lived together during the year.
For additional information on the taxability of Social Security benefits, or to learn more about us please contact us at 407-502-2400. God bless.
Source: www.irs.gov
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