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I retired last year, and started receiving social security payments. Do I have to pay taxes on my social security benefits?

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Answered by Kelly Jones
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Social security benefits include monthly retirement, survivor and disability benefits. They don't 
include supplemental security income (SSI) payments, which aren't taxable. The net amount of social 
security benefits that you receive from the Social Security Administration is reported in Box 5 of Form 
SSA-1099, Social Security Benefit Statement, and you report that amount on your income tax return 
(Form 1040, line 20a or Form 1040A, Line 14a). The taxable portion of the benefits that's included in 
your income and used to calculate your income tax liability depends on the total amount of your 
income and benefits for the taxable year. You report the taxable portion of your social security benefits 
on Form 1040, line 20b or Form 1040A, line 14b.  
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Written 2 years ago
 
 
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