Iowa does not tax Social Security benefits. However, those benefits ARE included in several calculations. To find out how Social Security affects those calculations, you have to calculate your “reportable” Social Security benefits in Iowa.
Railroad Retirement Benefits are a form of retirement income for people employed by railroads in the United States. Let’s look at how these benefits are taxed.
Q: What is the IRS definition of breastfeeding supplies? A: IRS Notice 2011-14 states “expenses paid for breast pumps and supplies that assist lactation are deductible medical expenses” and are eligible for reimbursement through HSAs. So basically, anything you purchase for breastfeeding would qualify. Q: Do i have to file taxes after 72 years old? A: […]
DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. Q: I have a business account with an associated merchants card account. In the past I have done business with entities that only […]
Do you have to file a tax return after you turn 72? Yes … if your income exceeds certain levels.
I recently posted about the circumstances under which Social Security benefits are taxable. A couple from Georgia recently lost a Tax Court case where they tried to argue that their Social Security benefits should not be taxable because the amounts they paid into Social Security had already been taxed. They made this argument even though their other […]
If you received Social Security benefits in 2010, they might be taxable. It depends on how much other income you had for the year. The first thing to do when determining of your Social Security benefits are taxable is to add 1/2 of your Social Security benefits to any other income you had. You then […]