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 might be questioning in the event you’re required to file a tax return this yr.
Whereas there isn’t any one-size-fits-all reply, we may also help you resolve whether or not it is value your time to file. As an illustration, you is perhaps eligible for different tax credit and probably more cash you could solely obtain in the event you file your taxes. We’ll clarify under.
Hold studying to search out out whether or not it is best to 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 may count on with a COLA improve in 2024.
Is my SSI cash taxable?
Your SSI advantages aren’t taxable. Additionally, 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 may try the complete eligibility necessities right here).
Ought to I nonetheless file my taxes even when it is not required?
Though submitting your taxes will not be required, there are different causes you would possibly need to contemplate submitting anyway. The most important motive is to probably get a tax refund, which implies extra cash for you. You may also be eligible for different advantages, such because the youngster tax credit score (CTC) and earned revenue tax credit score (EITC), that would 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’ve got children aged 17 and youthful, you possibly can obtain as much as $2,000 per youngster, relying in your revenue. You 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 reasonable revenue. The quantity you get relies on what number of children you have got and your earned revenue. Should you qualify for the EITC, you need to use the credit score to cut back any taxes you might owe — and in the event you do not owe any taxes, it could possibly be refunded to you.
Be aware that it might take longer to get your tax refund in the event you declare both of those tax credit if 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 is best to obtain a letter within the mail or on-line in January 2024 from the Social Safety Administration that can embody how a lot cash you obtained in 2023. Should you do not have already got one, arrange a My Social Safety account so you may see the letter on-line.
Should you solely obtain SSI, the Social Safety Administration will not ship you a letter because the funds aren’t taxed. As a substitute, 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 verify in 2024.
