This story is a part of Taxes 2023, CNET’s protection of the perfect tax software program, tax ideas and the whole lot else it’s good to file your return and monitor your refund.

Tax season formally started on Monday, Jan. 23. Because the season commences the query of whether or not Social Safety recipients ought to file tax returns is on the minds of the almost 66 million Individuals who earn advantages. Whether or not it is necessary for many who obtained Social Safety funds in 2022 to file that return will depend on just a few components.

Your age, your marriage standing and the way a lot revenue you earn outdoors of Social Safety advantages all have an effect on whether or not it’s good to file a tax return. And even in the event you aren’t required to file, you should still wish to in an effort to obtain refundable tax credit or a refund for revenue taxes you paid through the yr. 

For extra info on tax season, here is an evidence of your Social Safety Profit Assertion and the greatest tax software program for submitting your return in 2023. 

I feel my Social Safety advantages are taxable. How can I do know for positive?

Your Social Safety advantages could also be taxable if one half of your Social Safety advantages plus your entire different revenue is bigger than the bottom quantity of your submitting standing (the bottom quantity for figuring out tax legal responsibility) which is:

• $25,000 for single filers, head of family, or a qualifying surviving partner
• $25,000 for married individuals submitting individually who lived other than their partner in 2022
• $32,000 for married {couples} submitting collectively 
• $zero for married individuals submitting individually who lived with their partner

Different types of revenue embody wages, self-employment, curiosity, dividends and different reported taxable revenue. 

One solution to perceive whether or not your advantages are taxable is to think about gross revenue, your whole earnings earlier than taxes. 

You have to to file a return for the 2022 tax yr:

• If you’re an single senior at the very least 65 years outdated and your gross revenue is greater than $14,700. 
• If you’re submitting a joint return with a partner who can also be 65 or older and your gross revenue is greater than $28,700.
• If you’re submitting a joint return with a partner who’s underneath 65 years outdated and your gross revenue is greater than $27,300.

One other solution to perceive whether or not your Social Safety advantages are taxable is to have a look at mixed revenue, which is your adjusted gross revenue + nontaxable curiosity + half of your Social Safety advantages. 

• If you’re a single tax filer and your mixed revenue is between $25,000 and $34,000, the SSA says you’ll have to pay revenue tax on as much as 50% of your advantages.
• If you’re a single tax filer and your mixed revenue is greater than $34,000, you’ll have to pay revenue tax on as much as 85% of your advantages. 
• If you’re submitting a joint return and your mixed revenue is between $32,000 and $44,000, you’ll have to pay revenue tax on as much as 50% of your advantages.
• If you’re submitting a joint return and your mixed revenue is greater than $44,000, you’ll have to pay revenue tax on as much as 85% of your advantages. 
• If you’re married submitting individually and did not dwell along with your partner final yr, your Social Safety advantages are taxed as in the event you had been a single filer.
• If you’re married and submitting individually whereas dwelling along with your partner you in all probability should pay taxes in your advantages. 

On line 6b of Kind 1040 or Kind 1040-SR, you’ll report the taxable portion of your Social Safety advantages. 

Ought to I nonetheless file my tax return even when I am technically not required to?

The largest motive to file a tax return even when you do not have to is to obtain a tax refund. 

For those who had federal tax revenue withheld out of your pay or in the event you made estimated tax funds in 2022, you could wish to file a tax return this yr. You possibly can obtain a tax refund of any surplus withholding. 

One other circumstance the place submitting is inspired is in the event you qualify for tax credit that offer you refunds, together with the earned revenue tax credit score, the kid tax credit score or the kid and dependent care tax credit score. 

How can I verify my profit quantity for 2022? 

The Social Safety Administration sends out a Social Safety Profit Assertion by mail or on-line in January along with your advantages from the earlier yr disclosed inside. The knowledge within the assertion supplies you along with your earnings you’ll disclose in your tax return if you find yourself submitting one. For extra info on the profit assertion, here is an evidence of its position throughout tax season. 

For extra info on Social Safety and tax season, here is whenever you’ll obtain your W-2 kind for revenue taxes and why you must create a web based IRS account previous to tax season’s arrival.

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