If you receive Social Security or Supplemental Security Income, you might not always file a tax return. However, this tax season, there are a few things to keep in mind.
Tax Season Is Here
Ahead of the April 18th deadline for 2022, seniors should know that they might be eligible for certain tax credits, even if they don’t have to file a tax return. According to the Social Security Administration’s blog Social Security Matters, there are two types of credits that many beneficiaries are eligible for, and they might not even know it.
The first tax credit is the Child Tax Credit. Families raising children under age 17 are eligible to receive up to $3,600, even if they receive Social Security or SSI income.
The other type of tax credit that some seniors might be eligible for is the Earned Income Tax Credit. This tax credit is for low-income workers and families. Seniors who receive an income while on Social Security might find that they owe less or receive larger returns as a result.
This tax season, factor these credits into your return if you’re eligible, or talk to your accountant.
The Social Security Administration also recommends that beneficiaries check their earnings history before filing taxes this season. Creating a My Social Security account is an easy way to check this statement and ensure that all information is accurate—that way, you won’t miss out on a tax credit or refund that you might be owed.
Learn More from The Seniors Center
At The Seniors Center, we want retirees to receive all that they’ve worked so hard for. Learn more about other ways to maximize your income and about the future of Social Security by keeping up with our latest updates.