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Category: 1099's

Not sure if your Social Security 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, your benefits are not taxable and you probably do not need to file a federal income tax return.


TaxSlayer will automatically calculate the portion of your SS Benefits that is taxable, if any, within in the program. You will need to enter exactly what you have received on your 1099 form, but do not include any amounts that children may have received for Social Security Benefits. If you would like to check the computation please use the formula below to determine what may be taxable or view the Taxable Social Security Benefit Worksheet on the print out of your 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. Your taxable benefits and modified adjusted gross income are figured in a worksheet inside of the Form 1040A or Form 1040 Instruction booklet. 



Before you go to the instruction book, do the following quick computation to determine whether some of your benefits may be taxable: Do NOT include children’s Social Security Benefits.


1. First, add one–half of the total social security you received to all your other income, including any tax exempt interest and other exclusions from income.

2. 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.


The 2016 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 spouses 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, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits or call 1-800-829-3976.