The IRS is now accepting tax returns, and the 2024 tax season has officially begun. So if you're a recipient of Supplemental Security Income, you may be wondering if you need to file a tax return this year.
There is no one-size-fits-all answer, but we can help you decide if it's worth your time to submit. For example, you may qualify for other tax credits and receive more money than you would otherwise receive if you filed your taxes. Explained below.
To find out if you need to file taxes this year as an SSI recipient, keep reading. Also, if you receive Social Security benefits, here's how much you can expect to increase with her COLA increase in 2024, and what you need to know about the child tax credit. Here are our picks for the best tax software.
Is my SSI money taxable?
SSI benefits are not taxed and the money you receive is not considered earned income. Instead, SSI benefits are designed to help people, such as those with limited income or certain disabilities (details of eligibility requirements can be found here).
Do I need to file taxes even if I don't have to?
Although filing taxes is not required, there are other reasons why you may want to consider filing them. The biggest reason is that you may get a tax refund and get some extra money. You may also qualify for other benefits that can help you get more money, such as the Child Tax Credit or the Earned Income Tax Credit.
What tax deductions are available to me if I receive SSI?
If you receive SSI, you may still qualify for additional tax credits, which will not affect the amount of SSI you receive. As mentioned above, if you qualify, you can claim CTC. If you have children under 17, you can receive up to $2,000 per child, depending on your income. Here you can see how much of her CTC Money you are eligible to receive.
You can also claim the EITC, a tax credit for low- to moderate-income individuals and families. The amount you receive depends on the number of children and your income. If you qualify for the EITC, you can use the credit to reduce the taxes you owe. If you don't owe taxes, you may receive a refund.
Keep in mind that if you claim one of these tax credits when you file your tax return, it may take some time to receive your tax refund.
How can I find out how much SSI I received in 2023?
The answer depends on whether you receive only SSI or Social Security benefits as well. If you received both, you should receive a letter from the Social Security Administration in January 2024, either by mail or online, stating the amount you received in 2023. If you haven't received it yet, set up My Social Security. You can view your letters online by creating an account.
If you only receive SSI, the Social Security Administration won't send you a letter because your payments aren't taxed. Alternatively, you can call the administrator at the following address: 1-800-772-1213 Or, contact your local Social Security office for assistance.
For more information, see Maximum amount you can receive from SSI. Also, find out how much his COLA will increase with his monthly SSI checks in 2024.