A third common question asked during tax season is will I have to pay taxes on my social security benefits?
If the benefits are supplemental security income, also known as SSI, those payments are not taxable. However, if the income includes monthly retirement, survivor, or disability benefits the question is not answered as easily as yes or no, because whether or not any or all of your social security benefits are taxable depends on your total income and benefits.
In general, up to fifty percent of social security benefits will be taxable; however, up to eighty-five percent can be taxed.
If you have further questions regarding this topic you can refer to the IRS website or contact our office for more information.