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Taxpayers need to pay taxes on specific government benefits that they receive. In this article, read and find out how much of the federal tax on Social Security benefits 2023 will be taxable!
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Social Security Benefits Application [Photo: CNBC]
As the tax season begins and preparation for filing tax returns should start, taxpayers should know that taxes on some government benefits must be paid. In general, all income is considered as taxable unless when they are exempted by the Internal Revenue Service (IRS). Some of these tax exemptions include life and death insurance, inheritance, and gifts. Therefore, the federal tax on Social Security 2023 must be paid.
According to Loe, the federal tax on Social Security 2023 must be paid if a taxpayer’s income falls within specific levels. The Social Security benefits include retirement, disability, and survivor benefits that are issued monthly. On the contrary, the Supplemental Security Income (SSI) payments are exempted from taxes.
READ ALSO: Federal Tax On Social Security Benefits 2023; Do They Have To Be Paid?
Federal Tax on Social Security Benefits 2023
An article on MARCA states that a taxpayer’s Social Security benefits are taxable for up to 85% if half of their benefits plus other income is over $34,000 for individual filers. For couples who filed jointly, their benefits plus other income must be over $44,000.
On the other hand, a taxpayer’s Social Security benefits are taxable for up to 50% if half of their benefits plus other income is $25,000 to $34,000 for individual filers. For couples who filed jointly, their benefits plus other income must be $32,000 to $44,000. If a taxpayer’s income is below the mentioned levels for individuals or couples who filed jointly, none of the benefits will be taxable.
