So far this tax season, the IRS has processed more than 44 million tax returns and refunded nearly $93 billion. As a Social Security recipient, you may not think twice about filing if you’re not required, but there may be a good reason to file this year.
Watch this: 5 Tax Tips For 2024
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Another circumstance where filing is encouraged is if you qualify for tax credits that provide you with refunds, including the earned income tax credit, the child tax credit or the child and dependent care tax credit. The earned income tax credit is fully refundable, meaning it goes toward your tax refund if you have no tax liability.
The Social Security Administration sends out a Social Security Benefit Statement by mail or online in January with your benefits from the previous year disclosed inside. The information in the statement provides you with the earnings you will disclose in your tax return if you end up filing one.
For more information on Social Security and tax season, here’s how to create an online IRS account.
