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Sent: Monday, February 07, 2011 10:59 AM
Subject: IRS Tax Tip 2011-26: Are Your Social Security Benefits
|IRS Tax Tips
||February 7, 2011
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Issue Number: IRS Tax
Are Your Social Security Benefits
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.
- How much – if any – of your Social Security benefits are taxable
depends on your total income and marital status.
- 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.
- 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.
- Your taxable benefits and modified adjusted gross income are figured
on a worksheet in the Form 1040A or Form 1040 Instruction booklet.
- 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.
- The 2010 base amounts are:
• $32,000 for married couples filing
• $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
• $0 for married persons filing separately who lived together
during the year.
- 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).
915, Social Security and Equivalent Railroad Retirement Benefits
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