With the United States IRS tax season already started, there are still many doubts about whether we should file our tax return or not. This doubt is even greater in Social Security beneficiaries, since they usually have this source of income as their only source of income.
What we should keep in mind when filing our tax return is that it is likely to be beneficial to us. Cashing a Social Security check as the only source of income means having a low income. Therefore, sending our tax return can be very beneficial.
As for the obligation, there are a number of requirements that must be met for it to be mandatory. In the case of reaching a minimum income, yes, we will need to make the declaration yes or yes. But it is very probable that we will end up having a tax refund, so there is nothing to worry about.
When do I have to do a tax refund with my Social Security check?
In order to determine whether or not our Social Security benefit is taxable, we must know the basis of the return. Therefore, our retirement or disability benefit is taxable if half of the monthly check and all other income exceeds a limit. This limit changes depending on the situation:
- $25,000 for single, head of household or surviving spouse with the requirements met.
- $25,000 for married filing separately. Also note that they were required to live separately in 2022.
- $32,000 for married filing jointly with Social Security checks included.
- $0 for married filing separately citizens living together.
Any form of income other than Social Security checks is added to the tax return. This includes wages, interest, dividends, business or self-employment, among others.
On the other hand, the following list of individuals also have to file for the 2022 attorney tax year:
- Couples filing jointly with a spouse under age 65 and gross income exceeding $27,300.
- Single elderly person age 65 or older with gross income in excess of $14,700.
- Couple filing as a couple with a spouse age 65 or older with income in excess of $28,700.
Regarding gross income it is important to remember that we are talking about Social Security income and the rest of the money before taxes are taken out.