Millions of taxpayers are active acquisition all the forms and abstracts they charge to book their federal, state, and bounded tax returns. If you accept Social Security benefits, one of those items may be your SSA-1099 from Social Security.
Some bodies who accept Social Security may accept to pay taxes on a allocation of their benefits. If you’re one of these individuals, a Social Security Benefit Statement (Form SSA-1099) is an important tax certificate for you to have.
Social Security mailed the SSA-1099s for tax year 2010 to all beneficiaries in January. If you accept Social Security and charge a backup SSA-1099 for 2010 in adjustment to book a tax return, you can appeal it online at www.socialsecurity.gov/1099.
The SSA-1099 shows the absolute bulk of allowances accustomed in the antecedent year and is acclimated to acquisition out if any Social Security allowances are accountable to tax. The Federal tax laws about Social Security allowances accommodate that:
•Up to 50 percent of Social Security allowances may be accountable to Federal assets tax for individuals with a accumulated assets amid $25,000 and $34,000, or for couples with a accumulated assets amid $32,000 and $44,000; and
•Up to 85 percent of Social Security allowances may be accountable to Federal assets tax for individuals with a accumulated assets aloft $34,000, or for couples with a accumulated assets aloft $44,000. (Note: “Combined income” agency adapted gross income, additional nontaxable interest, additional one-half of Social Security benefits.)
For added advice on taxation of Social Security benefits, appointment the IRS website at www.irs.gov.
Stephanie Davies is a Social Security Management Support Specialist in Paris.
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