The IRS reminds senior citizens collecting Social Security that their benefits may be taxable.

According to the IRS “Tax Tip 2020-76“, to find out, the IRS recommends doing the following:

Take ½ of Social Security benefits collected throughout the year and add the number to any other income. Additional income includes any pensions, wages, interest, dividends or capital gains.

Those who are single and have a total of more than $25,000 could be subject to having a taxable portion of their benefits.

However, for those who are married and file together, it is recommended that ½ of the spouse’s benefits also be added to the previous equation. If the resulting sum is more than $32,000, then the Social Security benefits may be taxable as income.

Senior Security Alliance is actively working to create a more financially secure future for senior citizens. This plan includes the elimination of taxing any portion of an individual’s Social Security benefits as income. To learn how you can help, go here.