As a Social Security Disability claimant, learning that you have finally been awarded your benefits is very exciting. Oftentimes, it takes many months, if not years, to get the Social Security Disability benefits you deserve. After your favorable decision comes back, other questions sometimes arise. One of the most frequently asked questions of the Social Security Disability Attorneys at The Sam Bernstein Law Firm is whether they will be required to pay taxes on their disability benefits.
According to the Social Security Administration, approximately one-third of all current Social Security beneficiaries have to pay taxes on their benefits. Two key factors used to determine whether or not an individual must pay taxes on any Social Security Disability Benefits are the total amount of money earned (Social Security Disability Benefits plus any additional income) and an individual’s tax filing status.
You will most likely be required to pay taxes on your Social Security Disability Benefits if:
1. You have total income over $25,000 and file your Federal taxes as an individual, or
2. You and your spouse file a joint Federal tax return and have total income over $32,000,or
3. You are married, but file a separate return.
If any of the above situations apply to you, or if you have other questions about your potential taxes, you should be sure to consult with a tax professional and/or the Internal Revenue Service. As always, if you have any questions about filing for Social Security Disability Benefits, please contact the Social Security Disability attorneys at The Sam Bernstein Law Firm.
Tags: michigan social security disability, michigan social security disability attorneys, michigan social security disability lawyers