have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients.
The Social Security Administration (SSA) estimates that more than half of recipient families owe federal income taxes on their benefits. Recipients who have significant income from other sources are particularly at risk. Here's what you need to know about the taxation of Social Security benefits.