Why Social Security Recipients Might Want to File a Tax Return

Many people mistakenly think that only people who are working need to file income taxes. As CNET discovered, some of the 66 million people who receive Social Security benefits might need to file as well.

In a nutshell, your age, marital status, and how much income you earn outside of Social Security benefits all factor in when determining whether or not you need to file a tax return. The article points out that even if you are not required to file, you may still want to in order to receive refundable tax credits or a refund for income taxes you paid during the year. 

Be sure to consult your CPA or tax preparer to decide what’s best for you.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.