Federal Tax on Social Security Benefits 2023; Do They Have To Be Paid?

The federal tax on Social Security benefits 2023 are taxes that need to be reported on the tax returns. In this article, read and find out if they must be paid and how much.

Federal Taxes [Photo: H&R Block]

An article on MARCA states that the Internal Revenue Service (IRS) had set specific rules for the federal tax on Social Security benefits 2023. The rules state that a taxpayer is required to pay taxes on 85% of their Social Security benefits. This may be made possible once individual tax filers earn an income of over $34,000. On the other hand, joint tax filers must earn an income of more than $44,000. Individual filers who earn $25,000 to $34,000 and jount filers who earn a combined income of $32,000 to $44,000 may have to pay taxes of up to 50% of their benefits.

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Social Security Benefit Statement

According to the Social Security Administration website, a beneficiary will receive a Form SSA-1099 or a Social Security Benefit Statement every January. This form shows the amount of benefits a beneficiary has received in the past year. The Social Security Benefit Statement can be used in completing the tax returns to see if there are federal tax on Social Security benefits 2023 to be paid. If a taxpayer currently living in the U.S. misplaces or did not receive the Form SSA-1099 or SSA-1042S for the tax year, they can immediately acquire a replacement form online using their Social Security account.

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