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Social Security Benefits May Be Taxable

If you receiving Social Security benefits, you could be required to claim those benefits on your federal taxes.

Whether you get taxed on those benefits or not depends on your income level. Jack Meyers, Public Affairs Specialist at the Social Security office in Springfield explains those thresholds are $25-thousand for an individual, or $32-thousand for a married couple who files jointly. Meyers adds those figures are combined incomes for married couples.

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According to Meyers, for someone filing taxes as a single person, to figure out if your benefits will be taxed you will need to take your adjust gross income, non-taxable interest, and half of your Social Security benefits, add those numbers up. If the number is above $25-thousand, your benefits are taxable.

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The formula is the same for a married couple filing jointly, however, if that number is above $32-thousand, they will be taxed.

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Social Security beneficiaries should have received what is called the SSA 1099 forms in January which tells how much you received in Social Security benefits. This form is vital to filling out tax forms, and Meyers notes there are a couple ways to recover the form. You can visit your local Social Security office and they can print one off right there. You can also visit socialsecurity.gov, and request a new form and would receive it within a week.

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