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Social Security Benefits May be Taxable

With the beginning of the year comes tax season.
 
Jack Myers with Social Security, indicates that some Social Security benefits may be taxable. When filing your federal income tax keep in mind your benefits may be taxed based on if you are filing as an individual or a joint return and how much your combined income is.
 
 
The income threshold is higher for filing a joint return. Myers indicates that these income thresholds are for federal tax only. The state of Illinois does not tax Social Security benefits, but it varies from state to state.
 
 
Myers indicates that Social Security will mail out an SSA-1099 in case if your benefits are taxable. If you did not receive one or misplace yours, a copy is available through your mySocial Security account.
 
 
Myers says that there is a voluntary tax withholding option for individuals who know that they are going to have their benefits taxed. The withholding are percentage based. The form is available from the IRS website.
 
 
For more information visit the website, socialsecurity.gov, or call 800-772-1213. Social Security cannot give tax advice.

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