Thursday, April 3, 2014

Tax Q&A: Are Social Security benefits taxable?

With the April 15 tax deadline fast approaching, you probably have questions. Fortunately, we have answers. Every day until April 15, members of the American Institute of Certified Public Accountants have agreed to answer selected tax questions from USA TODAY readers. Submit your questions to jwaggoner@usatoday.com.

Q. My wife receives Social Security disability income and my 12-year-old daughter qualifies and receives Social Security dependent income. Do I need to file taxes for my daughter on the income she received from Social Security?

A: According to the IRS website, generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return.

IRS Topic 423, "Social Security and Equivalent Railroad Retirement Benefits," provides good information about tax rules applying to Social Security benefits.

NEED HELP: Get all the latest tax news and advice

Marc J. Minker, Managing Director & National Practice Leader – Private Client Services, New York, N.Y.

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