I am recieving my deceased husband's pension through monthly payments. Should I be paying taxes on this? I currently am having taxes taken out my payments but not sure if I should.
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Possibly. Pensions are taxable income so if your total income is above $14,600 (plus $1,550 if you are over 65) then you would need to pay taxes on that income. Social Security can be taxable at 50% or 85% depending on your other income.
If you fall into the following, 85% of your social security is taxable income
If you fall into the following, 50% of your social security is taxable income
Your combined income is calculated by adding your
Social Security Benefits Taxes
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