It has been announced that most of the American population has just under three weeks left before their returns on income tax are due to the IRS. But one needs to understand that not everyone has to file for the taxes.
If someone is a social security recipient and has received the benefits in 2022, then they wouldn’t have to file for the tax return this year, which also depends on quite a few factors. The recipients would have to notify their age, marital status, as well as how much they ended up earning outside the benefits of social security. These will have a massive impact on whether one would need to submit a tax return to the IRS. Even if one doesn’t need to file for the taxes, it could be a good idea if they want to receive the refundable tax credits.
Social Security Recipients Might Have To Notify IRS
It has been understood that the benefits received by social security recipients could be taxable if one-half of the benefits along with all other income is calculated to be more than the base amount of one’s filing status. This would be $25,000 for single filers, heads of household, or those with a surviving spouse who qualifies for it. The payment will be $25,000 for married people who have filed separately- as they lived apart from their spouse in 2022. The sum will be $32,000 for married couples who will be filing jointly.
The other forms of income that a social security recipient would have to notify include self-employment, wages, interests, and other taxable income. One would have to file for a return if they are an unmarried senior and have a gross income which is more than $14,700.
