2007-01-29 00:50:51 · 5 answers · asked by Drummer boy 1 in Business & Finance ➔ Taxes ➔ United States
To determine whether any of your benefits are taxable, compare the base amount for your filing status with the total of one half of your social security payments plus all your income from other sources, including tax exempt interest. If you are married and file a joint return, you must combine your incomes and your social security and equivalent tier 1 railroad retirement benefits when figuring the taxable portion of the benefits.
The taxable amount of the benefits is figured on a worksheet in the Form 1040 (PDF) or Form 1040A (PDF) instruction book, or in Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Refer to Tax Topic 423, Social Security and Equivalent Railroad Retirement Benefits, for base amounts, and additional information regarding taxability and reporting requirements.
2007-01-29 01:08:15 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It depends on what other income the person has. If social security is the only income, then no.
2007-01-29 09:43:34 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
if thats thier only income, then no. ss is taxable if you make over a certain amount per year. ss will send out a form at tax time showing what was paid to you that year and it has a worksheet on it to determine if any of your benefits are taxable
2007-01-29 01:09:48 · answer #3 · answered by Queen B 6 · 0⤊ 1⤋
My in-laws are retired, collect SS and other monies from retirement plans and they still have to file.
2007-01-29 00:57:43 · answer #4 · answered by justme 6 · 0⤊ 0⤋
not necessarily. go to www.irs.gov and look up the instructions for the 1040.
2007-01-29 01:01:47 · answer #5 · answered by tma 6 · 0⤊ 1⤋