TaxBizPro, LLC posted on February 17, 2010 14:42
If you received or will be receiving Social Security benefits, you should know that some or most of the Social Security benefits may be subject to the income taxes. Depending on your taxable income, up to 85% of your Social Security benefits may be taxable. Here are some facts that will help you determine whether your Social Security benefits are taxable.
Your total taxable income determines what portion of your Social Security benefits is taxable.
So if your only income during the year was from Social Security benefits, your benefits are not taxable and you probably do not need to file a federal income tax return.
If you received income from other sources: investment income, dividend or interest income, you withdrew money out of qualified retirement accounts such as an IRA or you had a part-time job, your Social Security benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.
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