Do I have to pay Income Tax on my Social Security?

Posted in Managing your Money.

Q:Do I have to pay income tax on my Social Security benefits?

A:You will have to pay federal taxes on your benefits if you file an individual federal tax return and your total income is more than $25,000.  If you file a joint return, you will have to pay taxes if you and your spouse have a total income that is more than $32,000.  For more information,

call the Internal Revenue Service (IRS) toll-free at 1-800-829-3676 (TTY 1-800-829-4059) and ask for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits, available online at: www.irs.gov/publications/p915/index.html.

Q:  I lost my Social Security card and am afraid someone else could be using my number.  Should I report it to Social Security?

 A:If you think someone is using your number to  work, call Social Security at 1-800-772-1213 (TTY 1-800-325-0778).  But reporting a lost or stolen card to Social Security will not prevent its misuse.  That is why you should take further action.   If you think someone is using your number, there are several other actions you will want to take:

  • •Contact the Federal Trade Commission online at www.ftc.gov/bcp/edu/microsites/idtheft or call 1-877-ID-THEFT  (1-877-438-4338);
  • •File an online complaint with the Internet Crime Complaint Center at www.ic3.gov
  • •Contact the IRS Identity Theft Hotline by calling 1-800-908-4490 Monday–Friday, 8 a.m. to 8 p.m.; and
  • •Monitor your credit report.

 

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