WEB STOP: A Shocking Revelation
None of Your Social Security Benefits Are Taxable
In a groundbreaking update, the Social Security Administration has announced that none of your social security benefits are taxable for the year 2023. This means that on your Form 1040 or 1040-SR, line 6b should be entered as -0-.
Key Points:
- Enter -0- on Form 1040 or 1040-SR line 6b.
- Subtract line 7 from line 6 to calculate your taxable income.
- If you receive a tier 1 benefit of $450 a month, it is reduced to $400 due to a workers' compensation offset.
- Individuals with certain circumstances should not use the provided worksheet.
For further details and instructions, please consult the Social Security Benefits Worksheet Online Navigation Instructions or contact the Social Security Administration.
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