----- Original Message -----
From: IRS Tax Tips
To: karelynm@lowcountry.com
Sent: Monday, February 07, 2011 10:59 AM
Subject: IRS Tax Tip 2011-26: Are Your Social Security Benefits Taxable?

IRS Tax Tips February 7, 2011

Useful Links:

IRS.gov Home

1040 Central

Help For Hurricane Victims


News Essentials

What's Hot

News Releases

IRS - The Basics

IRS Guidance

Media Contacts

Facts & Figures

Problem Alerts

Around The Nation

e-News Subscriptions


The Newsroom Topics

Electronic IRS Press Kit

Tax Tips 2011

Radio PSAs

Fact Sheets

Armed Forces

Disaster Relief

Scams / Consumer Alerts

Tax Shelters

More Topics..


IRS Resources

Compliance & Enforcement

Contact My Local Office

e-file

Forms & Pubs

Frequently Asked Questions

News

Taxpayer Advocacy

Where to File


Issue Number:    IRS Tax Tip 2011-26

Inside This Issue


Are Your Social Security Benefits Taxable? 

The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your benefits are taxable.

  1. How much if any of your Social Security benefits are taxable depends on your total income and marital status.
  2. Generally, if Social Security benefits were your only income for 2010, your benefits are not taxable and you probably do not need to file a federal income tax return.
  3. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.
  4. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet.
  5. You can do the following quick computation to determine whether some of your benefits may be taxable:
    First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.
    Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.
  6. The 2010 base amounts are:
    $32,000 for married couples filing jointly.
    $25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year.
    $0 for married persons filing separately who lived together during the year.
  7. For additional information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on this website or by calling 800-TAX-FORM (800-829-3676).


Links:

Publication 915, Social Security and Equivalent Railroad Retirement Benefits 

Back to Top


Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.


Update your subscriptions, modify your password or e-mail address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your e-mail address to log in. If you have questions or problems with the subscription service, please contact support@govdelivery.com.

This service is provided to you at no charge by Internal Revenue Service (IRS).

Bookmark and Share

Internal Revenue Service 1111 Constitution Ave. N.W. Washington DC 20535 800-439-1420