Do you pay taxes on it? My mom who is 80 says no...Thanks
2007-10-17 07:52:20 · 8 answers · asked by brennastarr24 2 in Business & Finance ➔ Taxes ➔ United States
Your mom is correct.
2007-10-17 07:56:06 · answer #1 · answered by I know, I know!!!! 6 · 0⤊ 3⤋
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.
2007-10-17 15:00:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
My wife recieves Social Security due to a disability and she doesn't pay when they pay her but at the end of the year we do have a calculation we have to follow to find out what part is 'federal' taxable, not state.. Keep in mind though, hers is Disability and I do believe this is different than regular Social Security.
2007-10-17 14:57:05 · answer #3 · answered by Pat 5 · 0⤊ 1⤋
It depends. See the worksheet on page 28 of the 2006 1040 Instructions.
2007-10-17 15:39:10 · answer #4 · answered by r_kav 4 · 0⤊ 0⤋
If social security is your only income, you don't pay taxes on it. If you have other income also, then some of it (up to 85% depending on your total income) might be taxable.
2007-10-17 15:04:20 · answer #5 · answered by Judy 7 · 2⤊ 0⤋
No, you don't pay taxes on Social Security benefits.
2007-10-17 14:56:13 · answer #6 · answered by Charles WE 5 · 0⤊ 3⤋
It is possible to pay taxes on it. It depends if a person has other income sources.
2007-10-18 21:19:32 · answer #7 · answered by Gary 5 · 0⤊ 0⤋
Your mom is correct as to your mom but not as to everybody.
2007-10-17 15:53:55 · answer #8 · answered by Anonymous · 0⤊ 1⤋