Whether or not you are new to receiving Supplemental Security Income otherwise you’ve been a beneficiary for a while, chances are you’ll be questioning whether or not you should file your taxes this 12 months now that the 2024 tax season has arrived.
Whereas there is not any one-size-fits-all reply, we will help you determine whether or not it is price your time to file. As an illustration, you is likely to be eligible for different tax credit and probably extra money you could solely obtain for those who file your taxes. We’ll clarify beneath.
Maintain studying to search out out whether or not it’s best to file your taxes this 12 months as an SSI recipient. Additionally, for those who obtain Social Safety advantages, here is how rather more cash you possibly can count on with a COLA increase in 2024 and what to learn about the child tax credit. And listed here are our picks for the best tax software.
Learn extra: File Early and Get Up to 20% Off Your 2023 Taxes With TurboTax
Is my SSI cash taxable?
Your SSI advantages are 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 full eligibility requirements 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 most important cause is to probably get a tax refund, which suggests extra cash for you. You may also be eligible for different advantages, such because the child tax credit and earned revenue tax credit score, that would give you much more cash.
What tax credit can I get if I obtain SSI?
Should 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}. You probably have children aged 17 and youthful, you can obtain as much as $2,000 per little one, relying in your revenue. You will discover out how much CTC money you’re eligible for here.
You may also 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 might have and your earned revenue. Should you qualify for the EITC, you should utilize the credit score to scale back any taxes chances are you’ll owe. Should you do not owe any taxes, it could possibly be refunded to you.
Word that it might take longer to get your tax refund for those who declare both of those tax credit once you file your tax return.
How can I learn the way a lot SSI cash I obtained in 2023?
The reply is determined by whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. Should 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 can embody how a lot cash you obtained in 2023. Should you do not have already got one, arrange a My Social Security account so you possibly can see the letter on-line.
Should you solely obtain SSI, the Social Safety Administration won’t send 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 maximum amount you can receive from SSI. Additionally, discover out how much of a COLA increase you’re getting in your month-to-month SSI verify in 2024.
