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Form Publication 915 Minnesota: What You Should Know

You have been filing taxes since before the Social Security retirement age was hit. You may be at the top of your income tax bracket — Social Security, Railroad Retirement, and Medicare. Here, we explore ways to avoid paying Social Security tax at the end of each year. We offer advice to help you calculate the benefit you are due and what you must do in 2015, 2016, and 2024 to avoid the tax. Taxpayers with children: The child tax credit reduces the amount of tax you have to pay. For more information, see the Department of the Treasury's Child Tax Credit Fact Sheet. Taxpayers with dependent children, the earned income tax credit, and the American Opportunity Tax Credit (or any of these credits) may be able to reduce the amount of tax you have to pay. For more information, see Tax Benefits for Dependent Children of Taxpayers.  We have a handy chart that tells you the approximate number of federal tax refund checks you can expect to get, based on how much Social Security and Railroad retirement and Medicare benefits you may receive. How many Social Security and Railroad Retirement benefits you receive and how much they are worth There are two important facts to keep in mind when you receive Social Security and Railroad retirement benefits. First, if any of these benefits are paid from one source — like Social Security, a government pension, or Railroad retirement benefits — they all count toward the same income tax withholding amount, which is used for your Social Security tax refund and your Railroad retirement benefit payments. Second, and of the greatest importance for Social Security (and Railroad retirement benefit payments), your monthly benefits depend on how much you have taken in during the year. For example, if you took in less than 10,000 in January, then you will receive no Social Security benefits. Your monthly Social Security check will instead be rounded up to the next 10,000, and you will have to pay taxes on this amount.  The Railroad retirement benefit calculator and the Social Security calculator can help you estimate your benefits. Social Security and Railroad Retirement Benefit Amounts, 2024 Amounts are shown in the Social Security chart above the figure for 10,000 of benefits. The chart shows the monthly benefit for the next 60 months, but that does not necessarily mean that you get a check in the next month. As explained in IRS Publication 915, 1040, and 1040A, the Social Security Administration distributes your benefits in January.

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