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The IRS is now accepting tax returns, with the 2024 tax season formally underway. Meaning in case you’re a Supplemental Safety Earnings recipient, chances are you’ll be questioning in case you’re required to file a tax return this 12 months.
This story is a part of Taxes 2024, CNET’s protection of one of the best tax software program, tax ideas and all the things else it is advisable to file your return and monitor your refund.
Whereas there isn’t any one-size-fits-all reply, we may help you resolve whether or not it is price your time to file. As an illustration, you could be eligible for different tax credit and probably extra money that you could solely obtain in case you file your taxes. We’ll clarify beneath.Maintain studying to search out out whether or not it is best to file your taxes this 12 months as an SSI recipient. Additionally, in case you obtain Social Safety advantages, here is how far more cash you possibly can anticipate with a COLA improve in 2024 and what to know in regards to the little one tax credit score. And listed here are our picks for one of the best tax software program.Is my SSI cash taxable? Your SSI advantages are usually not taxable, and the cash you obtain is not thought-about earned revenue. As a substitute, SSI advantages are designed to assist these with restricted revenue, sure disabilities and extra (you possibly can take a look at the total eligibility necessities right here).Ought to I nonetheless file my taxes even when it isn’t required?Though submitting your taxes just isn’t required, there are different causes you may need to take into account submitting anyway. The largest purpose is to probably get a tax refund, which suggests more money for you. You may also be eligible for different advantages, such because the little one tax credit score and earned revenue tax credit score, that would give you much more cash.What tax credit can I get if I obtain SSI?In the event you obtain SSI, you are still eligible for added 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}. In case you have children aged 17 and youthful, you would obtain as much as $2,000 per little one, relying in your revenue. Yow will discover out how a lot CTC cash you are eligible for right here.You may as well declare the EITC, a tax break for people and households with low to average revenue. The quantity you get is determined by what number of children you’ve got and your earned revenue. In the event you qualify for the EITC, you should utilize the credit score to scale back any taxes chances are you’ll owe. In the event you do not owe any taxes, it could possibly be refunded to you.Word that it could take longer to get your tax refund in case you declare both of those tax credit once you file your tax return.How can I learn how a lot SSI cash I acquired in 2023?The reply is determined by whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. In the event you obtain each, it is best to 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 acquired in 2023. In the event you do not have already got one, arrange a My Social Safety account so you possibly can see the letter on-line.In the event you solely obtain SSI, the Social Safety Administration will not ship you a letter because the funds aren’t taxed. As a substitute, 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 how a lot of a COLA improve you are getting in your month-to-month SSI examine in 2024.
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