Tax Season is here and you might have several questions if you are a beneficiary of Social Security.
There is a list of several items that everyone should know regarding how Social Security pertains to taxes. Jack Myers, with Social Security, says one of those issues is in regards to whether Social Security benefits are taxable. Myers says one-third of people usually end up paying taxes on their benefits.
Another big issue is beneficiaries wondering how much money one has to claim from Social Security benefits. Myers explains a record of what is recieved from Social Security should come in the mail. Those records can be turned over to your tax advisor as information they will need when you file.
Another issue addresses young families who have just had a baby. For parents wanting to put their child on a tax return as dependent, Myers says they must have a Social Security number. He explains there are other steps that need to be taken as well.
Myers adds it's also important to have your name updated if it has been changed due to marriage or other reasons.
For information regarding all of these issues, you visit Social Security's website at www.socialsecurity.gov or contact your local Social Security.