Tax Time SSDI Tips

It's everyone's favorite season again, and with all the hustle and bustle of preparing your taxes, you likely have lots of questions regarding how your Social Security Disability or Supplemental Security Income payments may be taxed. While SSI benefits are never subject to taxes, the situation for Disability benefits is not nearly so cut-and-dry.

BankRate.com reporter George Saenz has an incredibly in-depth article on the ins and outs of reporting disability benefits, in particular for minors. A part of their larger Tax Talk segment, the interactive tax Q&A information on the site gives users expert insights on how to avoid costly penalities for misreporting their tax liabilities.

The IRS' Publication 915 also provides a useful guide for beneficiaries that have questions or concerns about accurately reporting their tax liabilities. Check it out here.