I'm 65 and receiving a monthly SS check from the government. Will I have to claim this as taxable income to the IRS when I do my taxes in Jan?
2006-10-17 01:08:52 · 5 answers · asked by Tom G 2 in Business & Finance ➔ Taxes ➔ United States
Depends on your total/other income, & here's the rules for 12005 (which could change for 2006 but have been the same for a while):
If single & ONE HALF of your social security plus all other income (including tax free interest, etc.) is greater than $25,000, then some of your social security will be taxable.
If married--same as single but greather than $32,000.
Beware if you file married filing separately--if you lived with your spouse at ANY time during the year your threshold is $0 (not $32,000 or even $25,000).
Here's a link to a worksheet so you can figure out exactly what to expect (go to page 28-29):
http://www.irs.gov/pub/irs-pdf/i1040.pdf
Here's the link to form 1040, you may want to pencil in the amounts on page 1 (e.g. for wages, interest, dividends) so the worksheet is easier to do:
http://www.irs.gov/pub/irs-pdf/f1040.pdf
2006-10-17 04:43:21 · answer #1 · answered by Mariska 2 · 2⤊ 0⤋
There is a line on the Form 1040 to claim social security you received. There is a tricky formula to determine how much of that is taxable and it is based upon how much other income you have made during the year. Here is a link to the instructions for the 2005 Form 1040. On page 27 and 28 you will find instructions and the worksheet for determining how much of your social security is taxable.
http://www.irs.gov/pub/irs-pdf/i1040.pdf
2006-10-17 02:16:13 · answer #2 · answered by porkchop 5 · 1⤊ 0⤋
No and yes. Don't want to confuse you but your basic information is lacking so I will give you a couple of guidelines. If you are single and the total amount of social security received plus other income totals less than $ 25,000.00; none of your social security is taxable. If you are married then the ceiling amount moves up to $ 33,000.00. These are 2005 figures by the way. If your total income including social security excedes the 25/33 figure then up to 85% of what you receive in social security can be taxable; but you have to do the worksheet included in the instructions.
2006-10-17 03:37:34 · answer #3 · answered by acmeraven 7 · 2⤊ 0⤋
If your SS income is your sole source of income, then it is unlikely that you will be taxed on it. You will need to file a return and complete a worksheet to determine how much, if any of the payments are taxable. Go to www.irs.gov, and search for the instructions for Form 1040.
2006-10-17 02:19:28 · answer #4 · answered by jinenglish68 5 · 0⤊ 0⤋
YES.
2006-10-17 02:21:46 · answer #5 · answered by Anonymous · 0⤊ 3⤋