Social Security Benefits and Income Tax

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If you receive Social Security benefts and Insurance policy benefts, you have to pay taxes on them. But there is a caveat to this. If your beneft is above a certain base amount, then the beneft becomes taxable. The base amount includes all forms of income that are received and may be calculated by flling out the IRS' Social Security and Equivalent Railroad Retirement Benefts Form 915.

The following are the base amounts according to various categories of persons...

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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