I have a question about SSI taxable income. Is supplemental security income taxable?
Supplemental Security Income (SSI) is a federal income supplementation program funded by federal tax revenues created to aid to aged, blind, and disabled people with limited income. It provides money for these populations to meet basic needs like shelter and food.
Is supplemental security income taxable?
When asking the question, “Is supplemental security income taxable?” the answer is: no, supplemental security income (SSI) payments aren’t taxable. They’re also not considered earned income for Earned Income Credit (EIC) purposes.
Words of caution for SSI taxable income
For dependency exemptions, SSI payments used for support are treated as support a third party provides.
Need more tax support?
When it comes to taxes, you have many things to consider. While SSI income isn’t taxable, other federally sponsored programs are and will impact your tax outcome. H&R Block is here to help find the right tax filing options for you!
Unfortunately, sometimes we run into unemployment from time to time. Find out the eligibility for unemployment benefits with help from The Tax Institute.
Have you found yourself wondering how the IRS classifies Bitcoin? Our tax pros discuss relevant IRS Bitcoin law and notices. Learn more with H&R Block.
Want to take money out of your retirement account? Learn more about taxes on 401K distribution with advice from the tax pros at H&R Block.
Learn how making an IRA withdraw less than your contributions will impact your tax return with advice from the tax experts at H&R Block.