When you get Social Security, you may be relying on it to survive now that you’re not working. However, if you are still bringing in an income, then it could be taxable. Before you start receiving Social Security, you’ll need to figure out how much you’re going to pay in taxes.
Taxes and Social Security
If you’re retired and receiving Social Security or you’re disabled and receiving Social Security Disability Income (SSDI), then you would be taxed if your total income, including your benefits, reaches a certain threshold. That threshold is up to 50% of your benefits if you are an individual and you make $25,000 to $34,000 or $32,000 to $44,000 if you’re a married couple filing jointly. That rises to up to 85% if you’re an individual making more than $34,000 or a couple making more than $44,000. If you end up having to pay taxes, you could file estimated tax returns every quarter or request that Social Security withholds federal taxes from your benefits.
What About SSI?
If you’re receiving Supplemental Security Income because you have never worked or you can’t work much due to a disability or your age, then you don’t have to worry about taxes. They are never taxed.
Working With Schott Law on Social Security Matters
If you need help figuring out your Social Security and taxes situation, Schott Law is here for you. Maggie Schott is an SSDI & SSI lawyer serving Washington and Idaho. We can let you know the best methods for paying your taxes and how to get approved for Social Security in the first place. Contact us now at (509) 328-5789 to get started.