Social Security Can Be Taxed!

        Some are surprised to find out that their Social Security benefits can be taxed. This would apply to survivor, disability benefits, or monthly retirement income. Supplemental Security Income (SSI) cannot be taxed. The final outcome depends on the individual’s total income and filing status.

          For example, someone who files as “Single” would have a lower threshold to meet for tax responsibility, than those who are “Married, Filing Jointly”. The greater the combined amount of Social Security and other income, the more their benefits will be taxed. It is easier than ever to create different streams of income, and this can change your tax situation. If you have a pension, a job in the gig economy (rideshare driver, food on demand delivery), or are active with cryptocurrency, to the Internal Revenue Service (IRS) this is all income. If you are not sure if you need to pay taxes on your benefits, talk to your Qualified Tax Professional before May 17.

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