This story is a part of Taxes 2023, CNET’s protection of one of the best tax software program, tax suggestions and all the pieces else it’s worthwhile to file your return and monitor your refund.

Most People have two weeks left earlier than earnings tax returns are due to the IRS, however not everybody has to file taxes. When you acquired Social Safety advantages in 2022, you may not need to file a tax return this yr — that is dependent upon a number of elements, although.

Your age, your marital standing and the way a lot earnings you earn outdoors of Social Safety advantages all have an effect on whether or not it’s worthwhile to submit a tax return to the IRS. And even if you happen to aren’t required to file, it could be a good suggestion if you wish to obtain refundable tax credit or a refund for earnings taxes you paid through the yr. 

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

How do I do know if my Social Safety advantages are taxable?

Your Social Safety advantages could also be taxable if one-half of your Social Safety advantages plus all your different earnings 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 earnings embrace wages, self-employment, curiosity, dividends and different reported taxable earnings. 

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

You’ll need to file a return for the 2022 tax yr:

• In case you are an single senior a minimum of 65 years outdated and your gross earnings is greater than $14,700. 
• In case you are submitting a joint return with a partner who can also be 65 or older and your gross earnings is greater than $28,700.
• In case you are submitting a joint return with a partner who’s below 65 years outdated and your gross earnings is greater than $27,300.

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

• In case you are a single tax filer and your mixed earnings is between $25,000 and $34,000, the SSA says you will have to pay earnings tax on as much as 50% of your advantages.
• In case you are a single tax filer and your mixed earnings is greater than $34,000, you will have to pay earnings tax on as much as 85% of your advantages. 
• In case you are submitting a joint return and your mixed earnings is between $32,000 and $44,000, you will have to pay earnings tax on as much as 50% of your advantages.
• In case you are submitting a joint return and your mixed earnings is greater than $44,000, you will have to pay earnings tax on as much as 85% of your advantages. 
• In case you are married submitting individually and did not reside along with your partner final yr, your Social Safety advantages are taxed as if you happen to had been a single filer.
• In case you are married and submitting individually whereas dwelling along with your partner you in all probability must 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 file a tax return even when I am not required to?

The most important purpose to file a tax return even when you do not have to is to obtain a tax refund. 

When you had federal tax earnings withheld out of your pay or if you happen to made estimated tax funds in 2022, you could need to file a tax return this yr. You would obtain a tax refund of any surplus withholding. 

One other circumstance the place submitting is inspired is if you happen to qualify for tax credit that give you refunds, together with the earned earnings tax credit score, the kid tax credit score or the kid and dependent care tax credit score. The earned earnings tax credit score is totally refundable, which means it goes towards your tax refund in case you have no tax legal responsibility.

How can I see my Social Safety 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 with the earnings you’ll disclose in your tax return if you find yourself submitting one.

For extra info on Social Safety and tax season, here is a tax season cheat sheet and why you need to create a web-based IRS account previous to tax season’s arrival.

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