Will I Have to Pay Taxes on My Social Security Benefits?

As the IRS Tax filing deadline is tomorrow, we would like to send out a reminder that you might have to pay taxes on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits.

The probability of having to pay taxes depends on your marital status and total income. It is very likely that if Social Security benefits were your only source of income in 2013, you may not have to pay taxes.

It should be noted that your total income, which may come from multiple sources, is what determines if you will need to pay taxes.

In order to determine if you need to pay taxes on your Social Security benefits, you should speak to a tax expert. However, there are ways you can estimate if you will need to pay taxes, including:

  • Taking one-half of all your Social Security benefits and add that figure to your total income from other sources (the Internal Revenue Service refers to this as your “combined income”)
  • If you are married and filing jointly, you may have to pay taxes once your combined income exceeds $32,000
  • If you are filing as an individual or head of household, that limit is $25,000
  • If you exceed these limits, you have to pay taxes on half of your total Social Security benefits
  • If you are married and file jointly and your combined income is over $44,000, you could pay taxes on up to 85 percent of your Social Security benefits

Remember, these are simply guidelines. Items like investment interest or student loan payments can also affect whether or not you will owe the government money. Talk to a tax expert—often, there are free tax services offered publicly to people who qualify economically.

If you have questions about Social Security benefits, contact a Tulsa Social Security disability attorney. We offer free consultations, and you may reach us by phone at (918) 587-0050.

You can visit our Facebook page, our LinkedIn page and our Twitter page if you have questions about the disability process. We also have a Tumblr page that you can follow.

Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers

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