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Follow on Google News | Are My Social Security Benefits / SSI / SSDI Considered Income Taxable? DWK Tax GroupFinancial planning anticipation of income tax obligations due on 4/15 of every year may require adjustments of various income sources. A basic understanding of the thresholds will assist you in your determination of a possible year end tax balance.
By: DWK Tax Group Admin For example, Single taxpayer has a retirement pension for the amount of $17,935 from the Sheet Metal Workers Pension Fund, he has a SS benefit of $7,066.00 ($17,935 + $7066 = $25,001) on a yearly basis, fifty percent (50%) of the SS benefit is taxable income. Furthermore, eighty five percent (85%) of SS benefits is deemed taxable if the annual income exceeds $34,000.00 / $44,000.00 if married filing jointly. Does the Taxpayer yearly income surpass the thresholds? It is fair to assume the Taxpayer will have a tax return filing requirement. Click on http://dwktaxgroup.com/ End
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