The 2024 tax season is already here. The IRS will allow you to file until April 15, 2024. But if you have never filed or if your financial situation has changed, you may not know if your disability benefits are taxable or not.
Actually, the Internal Revenue Service (IRS) claims that if your only income was your Social Security Disability Insurance in 2023, your benefits may not be taxable. However, some recipients have other sources of income.
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Therefore, if you have other earnings apart from your disability benefits, your SSDI checks may be taxable. In this case, you should check the new IRS limits for your 2023 tax return.
IRS’ BASE AMOUNT FOR YOUR FILING STATUS
For your information, your benefits may be taxable if the total of 1/2 of your benefits, plus other income (tax-exempt included), is more than:
- $0 if you are married and you are not filing jointly and you lived with your spouse at any moment in 2023.
- $25,000 for head of household, single filers, or a qualifying surviving spouse.
- $25,000 if you are married and you file separately, as long as you lived apart from your spouse for the whole year.
- $32,000 if you file jointly because you are married
DOES SOCIAL SECURITY INCLUDE SSI PAYMENTS?
According to the IRS, Social Security benefits do not include SSI payments. This is because Supplemental Security Income benefits are not taxable. Therefore, you do not have to include these payments in your income.
However, if you have a disability pension, it may be a different story says the IRS. People who are retired on disability, they must include in income any disability pension you got under a payment plan that their employer paid for.
If your SSDI payments are too low and the IRS says they are not taxable. It is time to check if you can apply for Supplemental Security Income. In this way, you can receive more money every month.