The Tax Resources Blog

Archive for October, 2010

Tax On Social Security Benefits

Question: I get social security benefits as my only income does that count toward the child tax credit on my taxes?

I got more than 3,000 dollars in benefits last year so should i be eligible for the tax credit?

Answer: The Child Tax Credit is not refundable. It can only reduce your tax to $0. If your SS benefits were your only income your tax liability is already $0 so it’s worthless to you. There’s no need for you to file if your SS was your only income.

GET YOUR TAX REBATE: Social Security Benefits (ASL, CAPTIONS & AUDIO)