The 2024 tax season is coming to a close, but for Supplemental Security Income (SSI) beneficiaries, it may still be beneficial to file taxes this year. While SSI benefits are not taxable income, there are other potential benefits and tax credits that could be available to SSI recipients. It is important to consider filing to potentially receive a tax refund and access other benefits like the child tax credit and earned income tax credit.
Even though filing taxes is not required for SSI recipients, there are still reasons to consider doing so. By filing, individuals may be eligible for tax credits that could provide them with additional money. For example, SSI recipients can claim the child tax credit and the earned income tax credit without affecting their SSI benefits. These tax credits can help reduce taxes owed or provide a refund, depending on the individual’s circumstances.
If you are a SSI recipient, it is possible to claim additional tax credits like the child tax credit (CTC) and earned income tax credit (EITC) without affecting your SSI benefits. The CTC can provide up to $2,000 per child under 17, depending on income levels. The EITC is a tax break for low to moderate-income individuals and families, with the amount depending on earned income and the number of children. It is important to note that claiming these tax credits may delay receiving your tax refund.
If you receive both SSI and Social Security benefits, you will receive a letter from the Social Security Administration in January 2024 detailing your 2023 benefits. However, if you only receive SSI, you can contact the administration or visit a local office to find out how much you received in 2023. It is also recommended to set up a My Social Security account online to access this information. Understanding your SSI benefits and potential tax credits can help you make informed decisions when filing your taxes as an SSI recipient in 2024.
