In only a week, the 2024 tax season begins, which suggests the IRS will start accepting tax returns. In case you’re a Supplemental Safety Revenue recipient, it’s possible you’ll be questioning in case you’re required to file a tax return this 12 months.
Whereas there is not any one-size-fits-all reply, we can assist you resolve whether or not it is price your time to file. As an example, you is likely to be eligible for different tax credit and doubtlessly extra money that you could solely obtain in case you file your taxes. We’ll clarify beneath.
Maintain studying to seek out out whether or not you need to file your taxes this 12 months as an SSI recipient. Additionally, in case you obtain Social Safety advantages, here is how far more cash you’ll be able to count on with a COLA improve in 2024.
Is my SSI cash taxable?
Your SSI advantages are usually not taxable. Additionally, the cash you obtain is not thought of earned revenue. As an alternative, SSI advantages are designed to assist these with restricted revenue, sure disabilities and extra (you’ll be able to try the full eligibility necessities right here).
Ought to I nonetheless file my taxes even when it isn’t required?
Though submitting your taxes shouldn’t be required, there are different causes you may need to contemplate submitting anyway. The most important motive is to doubtlessly get a tax refund, which suggests extra cash for you. You may additionally 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?
In case 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}. You probably have youngsters aged 17 and youthful, you might obtain as much as $2,000 per youngster, relying in your revenue. You’ll 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 revenue. The quantity you get relies on what number of youngsters you will have and your earned revenue. In case you qualify for the EITC, you should use the credit score to scale back any taxes it’s possible you’ll owe — and in case you do not owe any taxes, it could possibly be refunded to you.
Notice that it might take longer to get your tax refund in case you declare both of those tax credit whenever 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 case you obtain each, you need to obtain a letter within the mail or on-line in January 2024 from the Social Safety Administration that may embrace how a lot cash you acquired in 2023. In case 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 case 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 improve you are getting in your month-to-month SSI examine in 2024.
