The Social Security Administration provides benefits to tens of millions of US citizens. These can come in the form of retirement benefits or supplemented social income for those with disabilities. Unfortunately, this year, due to high inflation caused largely by the COVID-19 pandemic, the Cost-of-Living Adjustment (COLA) saw its largest increase for some 40 years. For this reason, some Social Security beneficiaries are set to receive $2,753 checks next week; the question remains for many, however, whether they must pay taxes on their Social Security benefits or income.
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Social Security Taxes: Form SSA-1099
Social Security claimants or beneficiaries can determine if they must pay taxes on their monthly benefits. As explained – the Social Security Administration has been sending out Form SSA-1099. This form makes it easier for such beneficiaries or claimants to file their taxes. It is sent out normally every January.
In brief, according to The US Sun, this form – Form SSA-1099 – makes it clear how much a claimant or beneficiary received in benefits for the previous year. Thus, by utilizing the information provided by this form, claimants and beneficiaries can find out if their monthly benefits are subject to tax. Furthermore, if a claimant or beneficiary has not yet received their FORM SSA-1099 or lost theirs, they can acquire one by requesting one on their social security account online.
Couples Eligible To Receive $2,753
While these rounds of monthly payments get released, and millions of US citizens are set to receive their Social Security benefits, couples in the US are eligible to receive a large raise in their Social Security benefits starting next week. The average couple’s profit last year was $2,599. With this record-high COLA increase, the average increase in Social Security benefits for couples this year is $154. This means couples in the US, who are Social Security beneficiaries, are eligible to receive a check of $2,753 next week from the Authority. This all comes amidst the highest levels of inflation for over 40 years in the US due to COVID-19 and other such factors.
