Will Form 2350 Payments 2023-2024

Hi there, this is Jonathan Ginsberg, a social security disability attorney. I want to talk to you today about whether Social Security disability benefits are taxable. Now obviously, the tax code changes every year, so this information is current as of 2016 for 2015 taxes. Therefore, you want to check with your tax advisor or check online with the IRS to ensure the accuracy of the information you're getting. But as of right now, here are the rules: If you are a single individual receiving SSDI and your household income is $25,000 or less (which is approximately $2,083 a month), then your SSDI benefits are not taxable. However, if your household income is between $25,000 and $34,000, 50% of your SSDI benefit will be subject to tax, while the other half will not be taxable. Please note that the tax is not taking 50% of your benefit, but rather 50% of your income will be subject to tax at your specific tax rate. If you earn over $34,000 as an individual, 85% of your SSDI benefit will be subject to tax, while the other 15% will not be taxable. Again, they are not taking 85% of your benefit, but rather looking at 85% of your benefit to apply your tax rate. For married individuals, if your household income is $32,000 or less, your SSDI benefit will not be taxable at all. If your household income is between $32,000 and $44,000, 50% of your SSDI income will be subject to tax at your tax rate, while the other 50% will not be taxable. If your income is over $44,000, 85% of your SSDI benefit will be subject to tax, with the remaining 15% not being taxable. I hope this information has been helpful. If you have any more questions about SSDI, SSI, or Social Security...