Raleigh Lawyer Discusses Taxes on Your Social Security Benefits
If you have just started collecting Social Security disability benefits, you may be wondering if they will be taxed. This will depend on whether or not you have additional income. A Raleigh Social Security disability lawyer may be able to explain.
If you receive disability benefits and you file your taxes as an individual, the amount you pay in taxes is dependent on your income bracket. If you make between $25,000 and $34,000, then 50% of your benefits are taxed.
If you make more than $34,000, then you can expect 85% of your benefits to be taxable. This is the same for joint filings when the combined earnings are greater than $44,000.
However, if you file jointly and your combined earnings are between $32,000 and $44,000, then 50% of your disability benefits are taxed. Of course, this applies to individuals who have income that is in addition to their disability benefits.
This doesn’t apply to most individuals who receive disability payments. In fact, approximately two-thirds of those who receive Social Security disability don’t have to worry about their benefits being taxed.
When it comes to collecting Social Security disability benefits, there are a variety of factors that may impact your situation. Seeking legal counsel can help you better understand.
Contacting a Raleigh Social Security Disability Lawyer
The team of Social Security attorneys at Brent & Adams Associates serves residents in Dunn, Fayetteville, Raleigh, and other cities throughout the state of North Carolina. When you are seeking legal counsel pertaining to Social Security, contact an experienced attorney to discuss your case.
With the complexities surrounding Social Security, it may be in your best interest to arrange for a free consultation. Contact us today – 1-800-849-5931 or 910-892-8177.
Post a comment
Post a Comment to "Raleigh Lawyer Discusses Taxes on Your Social Security Benefits"To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."