2007-11-19 23:08:58 · 6 answers · asked by Honeywest 2 in Business & Finance ➔ Taxes ➔ United States
Yes. Unless it is your only source of income. I am married and my husband makes plenty so my SSD is taxed. If I were by myself, no taxes.
2007-11-19 23:17:58 · answer #1 · answered by Flatpaw 7 · 2⤊ 0⤋
1
2016-10-08 11:04:47 · answer #2 · answered by ? 3 · 0⤊ 0⤋
That depends upon your total income. If 1/2 of your Social Security plus all other income exceeds $25,000 if Single or $32,000 if Married Filing Jointly then up to 85% of your Social Security may be subject to income tax. If you are married and file separate returns then up to 85% of your Social Security is subject to income tax regardless of whether or not you have any other income.
2007-11-20 00:25:42 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Depending upon your household income, some of your SSDI payments may be treated as income for tax purposes. In 2007, for a husband and wife filing jointly, if you joint income (including your SSDI payment) falls below $32,000, 50% of your SSDI benefit is taxable. If you income exceeds $44,000 annually, 85% of your SSDI benefit is taxable.
Your lump sum SSDI payment is eligible for special treatment by the IRS - there are rules that allow you to spread out the taxes over several years. These rules are set out at IRS Publication 915 and can be complex, so you may want to engage the services of a CPA or enrolled agent to help you.
2007-11-22 03:37:09 · answer #4 · answered by Jonathan G 2 · 1⤊ 0⤋
That depends on your total income, and that of your spouse if you are filing a joint return. If the ssd is your only income, then no.
2007-11-20 02:04:48 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Only if your other income exceeds $25,000 or $32,000 if married
2007-11-19 23:54:10 · answer #6 · answered by Anonymous · 1⤊ 2⤋