The 2024 tax season is nearly over, however for those who’re a Supplemental Safety Earnings beneficiary, it might nonetheless be price your whereas to file your taxes this yr.
For example, you is perhaps eligible for different tax credit and doubtlessly extra money which you can obtain provided that you file your taxes. We’ll clarify beneath.
Hold studying to search out out whether or not it is best to file your taxes this yr as an SSI recipient. Additionally, for those who obtain Social Safety advantages, here is how way more cash you’ll be able to anticipate with a COLA enhance in 2024 and what to know concerning the little one tax credit score. And listed here are our picks for the very best tax software program.
Learn extra: File Early and Get As much as 20% Off Your 2023 Taxes With TurboTax
Is my SSI cash taxable?
Your SSI advantages aren’t taxable, and the cash you obtain is not thought-about earned revenue. As a substitute, SSI advantages are designed to assist these with restricted revenue, sure disabilities and extra (you’ll be able to try the complete eligibility necessities right here).
Ought to I nonetheless file my taxes even when it is not required?
Though submitting your taxes is just not required, there are different causes you may need to contemplate submitting anyway. The largest purpose is to doubtlessly get a tax refund, which suggests more money for you. You may also be eligible for different advantages, such because the little one tax credit score and earned revenue tax credit score, that might offer you much more cash.
What tax credit can I get if I obtain SSI?
If you happen to 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}. If in case you have youngsters aged 17 and youthful, you would obtain as much as $2,000 per little one, 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 average revenue. The quantity you get is determined by what number of youngsters you’ve got and your earned revenue. If you happen to qualify for the EITC, you should use the credit score to cut back any taxes chances are you’ll owe. If you happen to do not owe any taxes, it may very well be refunded to you.
Observe that it might take longer to get your tax refund for those who 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 is determined by whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. If you happen to obtain each, it is best to obtain a letter within the mail or on-line in Jan. 2024 from the Social Safety Administration that can embrace how a lot cash you acquired in 2023. If you happen to do not have already got one, arrange a My Social Safety account so you’ll be able to see the letter on-line.
If you happen to solely obtain SSI, the Social Safety Administration will not ship you a letter because the funds aren’t taxed. As a substitute, 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 utmost quantity you’ll be able to obtain from SSI. Additionally, learn how a lot of a COLA enhance you are getting in your month-to-month SSI test in 2024.
