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The IRS is now accepting tax returns, with the 2024 tax season formally underway. Which means in the event you’re a Supplemental Safety Earnings recipient, chances are you’ll be questioning in the event you’re required to file a tax return this yr.
Whereas there is not any one-size-fits-all reply, we may help you determine whether or not it is value your time to file. As an example, you may be eligible for different tax credit and probably more cash that you may solely obtain in the event you file your taxes. We’ll clarify beneath.
Preserve studying to search out out whether or not you must file your taxes this yr as an SSI recipient. Additionally, in the event you obtain Social Safety advantages, here is how far more cash you possibly can count on with a COLA improve in 2024 and what to know in regards to the baby tax credit score. And listed here are our picks for the very best tax software program.
Is my SSI cash taxable?
Your SSI advantages are not taxable, and the cash you obtain is not thought of earned earnings. As an alternative, SSI advantages are designed to assist these with restricted earnings, sure disabilities and extra (you possibly can try the total eligibility necessities right here).
Ought to I nonetheless file my taxes even when it isn’t required?
Though submitting your taxes is just not required, there are different causes you may need to take into account submitting anyway. The largest motive is to probably get a tax refund, which suggests extra cash for you. You may additionally be eligible for different advantages, such because the baby tax credit score and earned earnings tax credit score, that would offer you much more cash.
What tax credit can I get if I obtain SSI?
If you happen to 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 possibly can declare the CTC, assuming you meet the {qualifications}. When you’ve got children aged 17 and youthful, you may obtain as much as $2,000 per baby, relying in your earnings. You’ll find 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 earnings. The quantity you get will depend on what number of children you’ve got and your earned earnings. If you happen to qualify for the EITC, you should use the credit score to cut back any taxes chances are you’ll owe. If you happen to do not owe any taxes, it might be refunded to you.
Notice that it could take longer to get your tax refund in the event you declare both of those tax credit while you file your tax return.
How can I learn the way a lot SSI cash I obtained in 2023?
The reply will depend on whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. If you happen to obtain each, you must obtain a letter within the mail or on-line in Jan. 2024 from the Social Safety Administration that may embrace how a lot cash you obtained in 2023. If you happen to do not have already got one, arrange a My Social Security account so you possibly can see the letter on-line.
If you happen to 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 possibly can 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 possibly can 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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