The IRS of the United States is in charge of collecting Tax Returns from All United States citizens and then granting the corresponding Tax Refund. And this also affects retirees, who receive a Social Security check every month, so they have income to declare. In this sense, if we have income to declare, we must take into account several aspects.
However, collecting a Social Security check does not mean having to pay mandatory taxes to the IRS. And the fact is that each citizen has a different retirement check, which means that each citizen has a different situation in the field of paying taxes in the Tax Return. If we take this into account, the best thing to do is to check well each and every one of the incomes we have.
In most cases, collecting only a Social Security check means not having to pay taxes to the IRS. But if we have other types of income, such as income from employment, a business in our name, or a 401(k) plan, for example, we may end up paying some of these taxes.
Which Social Security beneficiaries will have to pay taxes to the IRS in 2024?
As of this year 2024, the IRS has changed a little bit the amount of money a United States citizen can earn from Social Security before paying taxes. Right now, we have two different categories, which are the individual filing beneficiary and the joint filing beneficiary.
Each of these categories has its own limitations. These are in both cases:
- Citizens with a Social Security check filing alone: With annual income between $25,000 and $34,000 you will have to pay taxes on 50% of your benefit. If you go over $34,000 a year, the taxable portion of Social Security will be 85%.
- Couples filing jointly: In this case, if the annual income is $32,000 to $44,000 the IRS tax payment will be taken out of 50% of the benefits. On the other hand, if the income is higher than $44,000 per year, the taxes will affect 85% of our benefit.
In case we do not know exactly how much taxes we have to pay to the IRS in the coming years, it is advisable to go directly to an Internal Revenue Service office or ask for help from a professional. But in this second case we must be very careful, since there are many scammers who try to get the tax money of United States citizens.
Be that as it may, obtaining such an annual income is not a common thing for Americans with a Social Security check. Therefore, in most cases Americans can sleep easy, but be on the alert for any of these tax payments.
Also, in the case of collecting other benefits such as Supplemental Security Income it is important to note that it is not taxable. In this way the IRS will not take into account this monthly income to determine the taxes that we have to pay each year.