If you receive either of these benefits, you will receive a Form SSA-1099, which will let you know how much money you received in benefits. Social Security benefits include disability, retirement, and survivor benefits. If your only form of income is Social Security, it is almost never taxed. However, part of your benefits may be taxable if you have received income from other sources. Your filing status will determine the base amount; once your income is above this amount, you will be taxed.
Tier 1 Railroad Benefits are part of the benefits a railroad employee would receive under the Social Security system. There are three different income levels, and you pay according to the level you fit into.
For further questions about Phoenix personal income tax accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.