Are the SSI monthly deposits taxable income?

SSI is not taxable income. This income is not based on any of your contributions to the Social Security program through employment.





Sharon Pierce, HRB Sr Tax Advisor V





This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.




Yes! SSI (or SSA) monthly deposits are taxable income for the adult, but not for the child support provided to dependents of the adult. However, you may not be getting enough income to owe a tax. If your spouse is working, and you file a joint return, then you may find up to 85% of the amount of the SSI payments to be taxable.





On the 1040 form of 2008, the income is claimed on line 20a, with the taxable amount placed on line 20b. This, added with other income (maybe from your spouse or interest payments) makes up the total AGI put on line 37.





To compute the taxable portion on line 20b, you%26#039;ll need to use the Social Security Benefits Worksheet. Lines 15 and 17 of the worksheet will ensure that no more than 85% of the benefit is taxed.





If you are single, the first $25,000 of income will be tax free. If you%26#039;re married, the first $32,000 will be tax free. But, this amount is only in relation to the SSA income and is not inclusive of seperate income reported beyond the worksheet.




SSI isn%26#039;t taxed or reported. It%26#039;s a form of welfare, and is different from social security retirement or ss disability. SS can be partially taxable depending on what other income you have. If ss is your only income it isn%26#039;t taxable.




SSI monthly checks so far are not taxable -- however the tax code has been changed and now part of the Social Security monthly checks are considered taxable income.




actually, yes they can be. but only if you get over a certain amount in a year. i beliieve its over $30,000/year . but im pretty sure anything under that is not taxable




no


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