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In only a week, the 2024 tax season begins, which implies the IRS will start accepting tax returns. Should you’re a Supplemental Safety Earnings recipient, you could be questioning if you happen to’re required to file a tax return this yr.
Whereas there is not any one-size-fits-all reply, we might help you determine whether or not it is price your time to file. As an example, you is perhaps eligible for different tax credit and doubtlessly extra money that you could solely obtain if you happen to file your taxes. We’ll clarify under.
Maintain studying to search out out whether or not it’s best to file your taxes this yr as an SSI recipient. Additionally, if you happen to obtain Social Safety advantages, here is how far more cash you may anticipate with a COLA improve in 2024.
Is my SSI cash taxable?
Your SSI advantages are not taxable. Additionally, the cash you obtain is not thought of earned revenue. As an alternative, SSI advantages are designed to assist these with restricted revenue, sure disabilities and extra (you may take a look at the complete eligibility necessities right here).
Ought to I nonetheless file my taxes even when it isn’t required?
Though submitting your taxes shouldn’t be required, there are different causes you would possibly wish to think about submitting anyway. The most important purpose is to doubtlessly get a tax refund, which implies more money for you. You may also be eligible for different advantages, such because the baby tax credit score (CTC) and earned revenue tax credit score (EITC), that might offer you much more cash.
What tax credit can I get if I obtain SSI?
Should you obtain SSI, you are still eligible for extra tax credit, which will not have an effect on the quantity of SSI cash you obtain. As talked about above, you may declare the CTC, assuming you meet the {qualifications}. When you have youngsters aged 17 and youthful, you can obtain as much as $2,000 per baby, relying in your revenue. You will discover out how a lot CTC cash you are eligible for right here.
It’s also possible to declare the EITC, a tax break for people and households with low to average revenue. The quantity you get relies on what number of youngsters you may have and your earned revenue. Should you qualify for the EITC, you should utilize the credit score to scale back any taxes you could owe — and if you happen to do not owe any taxes, it may very well be refunded to you.
Notice that it might take longer to get your tax refund if you happen to declare both of those tax credit once you file your tax return.
How can I learn the way a lot SSI cash I obtained in 2023?
The reply relies on whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. Should you obtain each, it’s best to obtain a letter within the mail or on-line in January 2024 from the Social Safety Administration that may embody how a lot cash you obtained in 2023. Should you do not have already got one, arrange a My Social Security account so you may see the letter on-line.
Should you solely obtain SSI, the Social Safety Administration won’t send you a letter for the reason that funds aren’t taxed. As an alternative, you may name the administration at 1-800-772-1213 or go to your native Social Safety workplace for help.
For extra particulars, here is the utmost quantity you may obtain from SSI. Additionally, learn the way a lot of a COLA improve you are getting in your month-to-month SSI examine in 2024.
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