With the 2024 tax season in full swing, as a Supplemental Security Income beneficiary, you could be questioning if you happen to ought to file your taxes this yr. 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.
For example, you is perhaps eligible for different tax credit and doubtlessly more cash that you would be able to solely obtain if you happen to file your taxes. We’ll clarify beneath.
Hold studying to search out out whether or not it’s best to file your taxes this yr as an SSI recipient. Additionally, if you happen to obtain Social Safety advantages, here is how way more cash you may count on with a COLA increase in 2024 and what to find out 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 an alternative, SSI advantages are designed to assist these with restricted revenue, sure disabilities and extra (you may 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 would possibly need to think about submitting anyway. The largest cause is to doubtlessly get a tax refund, which suggests extra cash for you. You may additionally be eligible for different advantages, such because the child tax credit and earned revenue tax credit score, that might offer you much more cash.
What tax credit can I get if I obtain SSI?
When 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 may declare the CTC, assuming you meet the {qualifications}. You probably have youngsters aged 17 and youthful, you can obtain as much as $2,000 per little one, relying in your revenue. You could find out how much CTC money you’re eligible for here.
It’s also possible to declare the EITC, a tax break for people and households with low to average revenue. The quantity you get is dependent upon what number of youngsters you’ve got and your earned revenue. When you qualify for the EITC, you should use the credit score to cut back any taxes you could owe. When you do not owe any taxes, it may very well be refunded to you.
Observe that it could take longer to get your tax refund if you happen to declare both of those tax credit while you file your tax return.
How can I learn how a lot SSI cash I obtained in 2023?
The reply is dependent upon whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. When 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. When you do not have already got one, arrange a My Social Security account so you may see the letter on-line.
When you solely obtain SSI, the Social Safety Administration won’t send you a letter because the funds aren’t taxed. As an alternative, 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 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.
