Here is the answer to this frequently asked question (drumroll please): Maybe! The IRS has posted a tip sheet showing the steps you have to do to find out if you may need to pay some tax on your benefits:

http://content.govdelivery.com/accounts/USIRS/bulletins/a770e0?reqfrom=share

Remember something that the IRS doesn’t discuss: any good tax software today has an automatic calculation of whether part of the benefits are taxable, so if you use TurboTax or have a paid preparer you shouldn’t have to worry about it. Just keep in mind that this can be an issue.

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