IRS Tax Tip 2014-23: Are Your Social Security Benefits Taxable?
IRS Tax Tip 2014-23, February 28, 2014
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable.
Here are seven tips about how Social Security affects your taxes:
- If you received these benefits in 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, showing the amount.
- If Social Security was your only source of income in 2013, your benefits may not be taxable. You also may not need to file a federal income tax return.
- If you get income from other sources, then you may have to pay taxes on some of your benefits.
- Your income and filing status affect whether you must pay taxes on your Social Security.
- The best, and free, way to find out if your benefits are taxable is to use IRS Free File to prepare and e-file your tax return. If you made $58,000 or less, you can use Free File tax software. The software will figure the taxable benefits for you. If your income was more than $58,000 and you feel comfortable doing your own taxes, use Free File Fillable Forms. Free File is available only at IRS.gov/freefile.
- If you file a paper return, visit IRS.gov and use the Interactive Tax Assistant tool to see if any of your benefits are taxable.
- A quick way to find out if any of your benefits may be taxable is to add one-half of your Social Security benefits to all your other income, including any tax-exempt interest. Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. The three base amounts are:
- $25,000 – for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year
- $32,000 – for married couples filing jointly
- $0 – for married persons filing separately who lived together at any time during the year
For more on this topic visit IRS.gov.
Additional IRS Resources:
- Publication 915, Social Security and Equivalent Railroad Retirement Benefits
- Tax Topic 423 – Social Security and Equivalent Railroad Retirement Benefits
IRS YouTube Videos:
Revised IR-2014-20: IRS Continues Smooth Start to Filing Season
IR-2014-20, Feb. 27, 2014
WASHINGTON — The IRS announced today that, three weeks into the filing season, it has received about one-third of the individual income tax returns that it expects to receive during 2014. The IRS has processed almost 98 percent of the 49.6 million returns received so far. Each week this filing season, the IRS has processed a greater percentage of the returns received than during comparable weeks last year.
More taxpayers are filing their returns electronically this year. Overall, 46.6 million returns have been e-filed this year, up one percent from the same time last year. As in prior years, the greatest increase is among individuals filing from their home computers. Almost 22 million returns have been e-filed from home computers this year, an increase of almost 7 percent compared to the same time last year.
The IRS has issued more than 40 million tax refunds this year, an increase of more than six percent compared to the same time last year. Almost 90 percent of these refunds were directly deposited into taxpayers’ accounts.
|
2014 FILING SEASON STATISTICS |
|||||
|
Cumulative statistics comparing 2/22/13 and 2/21/14 |
|||||
| Individual Income Tax Returns: |
2013 |
2014 |
% Change |
||
| Total Receipts |
49,448,000 |
49,558,000 |
0.2 |
||
| Total Processed |
42,837,000 |
48,335,000 |
12.8 |
||
|
|
|
|
|||
| E-filing Receipts: |
|
|
|
||
| TOTAL |
46,149,000 |
46,641,000 |
1.1 |
||
| Tax Professionals |
25,618,000 |
24,687,000 |
-3.6 |
||
| Self-prepared |
20,531,000 |
21,954,000 |
6.9 |
||
|
|
|
|
|||
| Web Usage: |
|
|
|
||
| Visits to IRS.gov |
155,167,572 |
145,881,766 |
-6.0 |
||
|
|
|
|
|||
| Total Refunds: |
|
|
|
||
| Number |
38,042,000 |
40,389,000 |
6.2 |
||
| Amount |
$113.738 |
Billion |
$125.831 |
Billion |
10.6 |
| Average refund |
$2,990 |
$3,116 |
4.2 |
||
|
|
|
|
|||
| Direct Deposit Refunds: |
|
|
|
||
| Number |
34,618,000 |
35,694,000 |
3.1 |
||
| Amount |
$107.228 |
Billion |
$112.628 |
Billion |
5.0 |
| Average refund |
$3,097 |
$3,155 |
1.9 |
||
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