WKBT
April 21, 2021 9:00 AM MoneyTips
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Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits.
If you receive Social Security or Social Security Disability Insurance (SSDI) income, you will also receive a Form SSA-1099 from the government. This form tells you the total amount of your benefits but does not tell you if any of your benefits are taxable, or at what percentage.
You can IRS Free File to e-file your return (if you make no more than $72,000), and the software will figure the taxable component of your benefits for you. However, you can get a reasonable estimate by combining half of your Social Security benefits with all other income (including tax-exempt interest) and comparing it to the base amounts that are excluded from tax. Anything over the b
WKBT
April 15, 2021 9:00 AM MoneyTips
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The last few years have been difficult ones for the IRS with respect to security issues, and the agency is determined to improve security during this year’s filing. Electronic filing is particularly vulnerable because of the speed of the process it is a favorite method among thieves who steal information from taxpayers and file fraudulent tax returns in their name.
As Bankrate.com Senior VP and Chief Financial Analyst Greg McBride points out, “Tax ID fraud is one of those things where somebody can have your Social Security number and they could have been sitting on it for a while, and you would have no idea until they go and file a bogus tax return under your Social Security number. You only find out at the point where your legitimate return gets rejected.” Protect your credit – protect your identity – protect yourself with a MoneyTips Premium membership.
What Is My IRS Pin? psu.edu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from psu.edu Daily Mail and Mail on Sunday newspapers.
KXLY
February 22, 2021 7:00 AM MoneyTips
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Preparing a tax return is not most people’s idea of a good time. As a result, we tend to procrastinate and wait until the last minute to file our returns. However, there are good reasons to start preparing your tax return as soon as you have all the necessary documents:
1. Reduce the Chance of Tax Identity Theft and Fraud – By filing as early as possible, you can reduce the chances of a thief filing a fraudulent return in your name. Greg McBride, Senior Vice President and Chief Financial Analyst for Bankrate.com, calls tax ID fraud “a massive headache for people” and refers to the practice as “…one that people too often don’t find out about until after the fact. They go to file their tax return and it gets rejected because a return’s already been filed under their Social Security number.”
5 Reasons To File Your Tax Return Now psu.edu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from psu.edu Daily Mail and Mail on Sunday newspapers.