In only a week, the 2024 tax season begins, which implies the IRS will start accepting tax returns. For those who’re a Supplemental Safety Earnings recipient, chances are you’ll be questioning for those who’re required to file a tax return this yr. 

Whereas there is no one-size-fits-all reply, we may also help you resolve whether or not it is price your time to file. For example, you is perhaps eligible for different tax credit and doubtlessly more cash you can solely obtain for those who file your taxes. We’ll clarify under.

Maintain studying to seek out out whether or not it is best to file your taxes this yr as an SSI recipient. Additionally, for those who obtain Social Safety advantages, here is how way more cash you may anticipate with a COLA enhance in 2024.

Is my SSI cash taxable? 

Your SSI advantages aren’t taxable. Additionally, the cash you obtain is not thought-about earned earnings. As a substitute, SSI advantages are designed to assist these with restricted earnings, sure disabilities and extra (you may try the full eligibility necessities right here).

Ought to I nonetheless file my taxes even when it is not required?

Though submitting your taxes just isn’t required, there are different causes you may need to think about submitting anyway. The largest purpose is to doubtlessly get a tax refund, which implies extra cash for you. You may also be eligible for different advantages, such because the youngster tax credit score (CTC) and earned earnings tax credit score (EITC), that might give you much more cash.

What tax credit can I get if I obtain SSI?

For those who obtain SSI, you are still eligible for added tax credit, which will not have an effect on the quantity of SSI cash you obtain. As talked about above, you may declare the CTC, assuming you meet the {qualifications}. You probably have youngsters aged 17 and youthful, you can obtain as much as $2,000 per youngster, relying in your earnings. You will discover out how a lot CTC cash you are eligible for right here.

You can even declare the EITC, a tax break for people and households with low to average earnings. The quantity you get relies on what number of youngsters you’ve got and your earned earnings. For those who qualify for the EITC, you need to use the credit score to cut back any taxes chances are you’ll owe — and for those who do not owe any taxes, it may very well be refunded to you.

Word that it might take longer to get your tax refund for those who declare both of those tax credit while you file your tax return.

How can I learn the way a lot SSI cash I obtained in 2023?

The reply relies on whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. For those who obtain each, it is best to obtain a letter within the mail or on-line in January 2024 from the Social Safety Administration that can embrace how a lot cash you obtained in 2023. For those who do not have already got one, arrange a My Social Safety account so you may see the letter on-line.

For those who solely obtain SSI, the Social Safety Administration will not ship you a letter because the funds aren’t taxed. As a substitute, you may name the administration at 1-800-772-1213 or go to your native Social Safety workplace for help.

For extra particulars, here is the most quantity you may obtain from SSI. Additionally, discover out how a lot of a COLA enhance you are getting in your month-to-month SSI verify in 2024.