Expert tax advice: Are your Social Security and Disability benefits taxable?
Key income thresholds determine if benefits are taxed
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HOUSTON – Whether you’re single or married filing jointly, Disability Attorney Marc Whitehead knows tax season can be a headache. He says he often gets questions from folks who are receiving Social Security or Disability for the first time and they’re not sure how that affects their tax liability -- or if they’ll owe taxes at all.
If Social Security benefits are your only source of income, Marc says it is not unusual to owe nothing to the federal government, but there are important thresholds that can change that.
There are other sources of income to consider as well, including from a spouse who is still employed, a 401k, or a rental property, for example.
Watch the full video for Marc’s expert tips on filing your tax return. You can also visit the link below to read Marc’s blog posts about preparing for tax day, navigating lump-sum back payments and find out which scenarios can push you over the tax threshold.
