because of health reasons I claimed early retirement, but did still work a little part time. I know that I have to file on that, but do I add in SS. Found out that either way I will get some EIC, but will be more if SS is added in.
2007-02-04 04:07:16 · 7 answers · asked by stormy 4 in Business & Finance ➔ Taxes ➔ United States
Enter the data from the 1099SS into your tax return. It is possible that some of the SS benefits may be taxable depending on your other income.
Social Security benefits are not earned income and will not increase your Earned Income Credit.
2007-02-04 04:10:52 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
You must add the SS payments.
Probably not all will come out taxable. The taxable portion of your ss payments depends on the income you earned from your part time job.
2007-02-05 15:02:36 · answer #2 · answered by whymewhynow 5 · 0⤊ 0⤋
There is a worksheet that must be used. When your adjusted income is over $25,000 part of the SS is taxable.
Note that separate from that you can't have earned income over $1000 a month without losing part of the SS.
This only applies to federal tax. States can't tax SS.
I believe all of this only applies if you are under 70. At 70 and above there are no limits.
2007-02-04 12:16:14 · answer #3 · answered by Barkley Hound 7 · 0⤊ 1⤋
Some of your SS payments may be taxable. The instructions for Form 1040 spell this all out.
Your SS is unearned income and will NOT affect your EITC, however. If you're figuring your taxes and it does, you're doing something wrong.
2007-02-04 12:15:44 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
you still need to clamine it and it should be put in your file no matter what that is the rules now . but i don't think you get anything back for it and sometime you do i think it depend where you file your income
2007-02-04 12:41:39 · answer #5 · answered by browneyes 3 · 0⤊ 1⤋
no you dont have to add SS income to taxes
2007-02-04 12:09:31 · answer #6 · answered by john t 4 · 0⤊ 3⤋
No you do not report your s/s as taxable income.
2007-02-04 12:11:02 · answer #7 · answered by Joan G 3 · 0⤊ 3⤋