Eligibility to collect Social Security benefits begins at age 62. Many seniors, to collect larger benefit amounts, wait until a later age. Whether Social Security benefits are taxable by the Internal Revenue Service (IRS) depends on how much additional income the person filing taxes receives. Some states, though not many, assess taxes on benefits.
How to Determine If Social Security Benefits are Taxable
A senior whose only source of income is Social Security does not have to pay federal income taxes on his benefits. If he receives other sources of income, including tax-exempt interest income, he must add one-half of his…