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I receive monthly social security benefits, and I am on Medicare?
I receive monthly social security benefits, and I am on Medicare and still working, so when I file my income taxes do I have to declare it as income on my tax return?
6 Answers
- lareLv 77 years agoFavorite Answer
there is a line on the 1040 just for social security benefit amount. you have to calculate separately how much of that is taxable. for most people the taxable amount is zero if you have no other income, but then you wouldn't need to file. filing is usually to obtain a refund from a w2 employment or a 1099R disbursement that required mandatory backup withholding. so without looking at the entire 1040, it is not something i can tell you right off. there is a reason you are sent a form with SS and medicare benefits for the year. while you don't attach the form to the return, you need the numbers to enter on the 1040/1040a.
- JudithLv 77 years ago
Why wouldn't you? It's income, isn't it? In fact there is a line on the federal return especially for the receipt of social security benefits. If you have another source of income of $25,000 or more ($32,000 if married) then you will have to pay income taxes on a portion of your social security benefits.
Source(s): Retired social security claims rep. - ?Lv 77 years ago
Your social security benefit is taxable if your total income for the year is $25,000 for single taxpayer or $32,000 for married filing jointly including social security.
- LindsLv 77 years ago
You shouldn't for social security (it may depend on what type of income you are getting from them) What you make from work really depends on how much you make, if you make less than $2000 a year just from your work, then you don't need to file anything.
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