DO I HAVE TO PAY TAXES ON MY SOCIAL SECURITY BENEFITS?
The answer is "maybe." Some people who get Social Security benefits have to pay income taxes on them. This will apply to you only if you have other substantial income in addition to your benefits (for example, wages, self-employment, interest, dividends and other taxable income that you have to report on your tax return).
If you are married and file a separate tax return, you probably will pay taxes on your benefits. On your 1040 tax return, your "combined income" is the sum of your adjusted gross income, plus nontaxable interest, plus one-half of your Social Security benefits.
Every January you will receive a Social Security Benefit Statement (Form SSA-1099) showing the amount of benefits you received in the previous year. You can use this statement when you complete your federal income tax return to find out if your benefits are subject to tax.
Although you're not required to have federal taxes withheld from your Social Security benefits , you may find it easier than paying quarterly estimated tax payments. For matters relating to taxes it is best to consult with your tax professional.
Attorney Mark Anthony Gager serves clients throughout the Brevard County, Florida area including the communities of Melbourne, West Melbourne, Melbourne Beach, Palm Bay, Indialantic, Indian Harbour Beach, Satellite Beach, Cocoa Beach, Cocoa, Rockledge, Cape Canaveral, Titusville, Sebastian, and Barefoot Bay, Florida.
