Social Security disability benefit recipients often ask if their benefit is taxable.
If you are approved for Social Security disability benefits, your benefits may be taxable. You may have tax obligations if you have other sources of income besides your disability payment, or if your spouse earns a substantial income, and there also may be other factors that may affect your tax situation.
Taxable Social Security benefits may include monthly Social Security Disability Insurance (SSDI). Although, Supplemental Security Income (SSI) payments are not considered taxable income.
If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. Each personal financial situation with regard to Social Security disability benefits can be unique.
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It is always important when working with income taxes to either consult a tax professional or do your own extensive research when preparing your taxes. The IRS website can be helpful when determining whether your benefits are taxable or not.
The above information concerning taxes and social security benefits should not be construed as tax advice, but rather a brief summary of information gathered from various sources.
If you would like a free consultation regarding Social Security disability benefits, please contact Indianapolis Attorney Scott D. Lewis at (317) 423-888 for a free consultation.
