If you receive Social Security benefits, you may not be too concerned about filing your tax return this year if you aren’t generally required to. However, there may be a good reason for you to file. So far this tax season, the IRS has processed more than 53 million tax returns and refunded over $115 billion. A tax refund could be in your future, depending on a few things.
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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.
