Whether or not you are new to receiving Supplemental Safety Earnings otherwise you’ve been a beneficiary for a while, you could be questioning whether or not it’s good to file your taxes this yr now that the 2024 tax season has arrived.
Whereas there isn’t any one-size-fits-all reply, we can assist you determine whether or not it is value your time to file. As an illustration, you is perhaps eligible for different tax credit and doubtlessly more cash you can solely obtain in case you file your taxes. We’ll clarify beneath.
Preserve studying to search out out whether or not it’s best to file your taxes this yr as an SSI recipient. Additionally, in case you obtain Social Safety advantages, here is how rather more cash you’ll be able to count on with a COLA enhance in 2024 and what to find out about the kid tax credit score. And listed below are our picks for the finest tax software program.
Learn extra: File Early and Get As much as 20% Off Your 2023 Taxes With TurboTax
Is my SSI cash taxable?
Your SSI advantages are usually not taxable, and the cash you obtain is not thought-about earned earnings. As an alternative, SSI advantages are designed to assist these with restricted earnings, sure disabilities and extra (you’ll be able to take a look at the full eligibility necessities right here).
Ought to I nonetheless file my taxes even when it isn’t required?
Though submitting your taxes isn’t required, there are different causes you may wish to take into account submitting anyway. The largest cause is to doubtlessly get a tax refund, which suggests more money for you. You may additionally be eligible for different advantages, such because the little one tax credit score and earned earnings tax credit score, that might offer 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 extra tax credit, which will not have an effect on the quantity of SSI cash you obtain. As talked about above, you’ll be able to declare the CTC, assuming you meet the {qualifications}. When you have children aged 17 and youthful, you would obtain as much as $2,000 per little one, relying in your earnings. You could find out how a lot CTC cash you are eligible for right here.
You may also declare the EITC, a tax break for people and households with low to reasonable earnings. The quantity you get relies on what number of children you might have and your earned earnings. In the event you qualify for the EITC, you need to use the credit score to cut back any taxes you could owe. In the event you do not owe any taxes, it may very well be refunded to you.
Be aware that it might take longer to get your tax refund in case you declare both of those tax credit while you file your tax return.
How can I learn how a lot SSI cash I acquired in 2023?
The reply relies on whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. In the event you obtain each, it’s best to obtain a letter within the mail or on-line in Jan. 2024 from the Social Safety Administration that may embody 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’ll be able to see the letter on-line.
In the event you solely obtain SSI, the Social Safety Administration will not ship you a letter for the reason that funds aren’t taxed. As an alternative, you’ll be able to name the administration at 1-800-772-1213 or go to your native Social Safety workplace for help.
For extra particulars, here is the most quantity you’ll be able to obtain from SSI. Additionally, discover out how a lot of a COLA enhance you are getting in your month-to-month SSI examine in 2024.