As you file those taxes this tax season, Social Security is sending out the reminder to keep in mind you might need to claim your benefits.
Jack Myers with Social Security explains whether or not you do depends on your combined income. Your combined income includes your adjusted gross income plus nontaxable interest plus half of your Social Security benefits.
If you file your tax return as an individual, and your combined income is between $25,000 and $34,000, you may have to pay federal income tax in up to 50% of your SS benefits, more than $34,000 up to 85% of your benefits may be taxable. If you file a joint return and your combined income is between $32,000 and $44,000, you may have to pay federal income tax on up to 50% of your SS benefits, more than $44,000, up to 85% of your benefits may be taxable.
If you received SS benefits in 2022, you should have gotten an SSA-1099 in January. If you’ve misplaced it, or don’t recall getting it, starting February 1st, you can get a replacement through your mySocialSecurity account www..ssa.gov/myaccount. Myers indicates Supplemental Security Income (SSI) benefits are not taxable, so you won’t get an SSA-1099 if you only received SSI in 2022.
Federal tax withholding from Social Security benefits is voluntary. You can request it by completing a form W-4V which is available in the forms section of our website www.ssa.gov/forms.
