In 2022, you need to figure out what your total income will be from all sources. This would include items of income as noted in the reply above.
Pensions
Investment income
Sales of assets which generate capital gains and losses
And any other type of taxable income as noted at: https://www.irs.gov/publications/p525
Then compare that total income to the standard deduction for married filing jointly filing status. If you are both under 65 as of December 31, 2022, use the following chart.
2022 Standard Deductions
$12,950 for single filers. $12,950 for married couples filing separately. $19,400 for heads of households. $25,900 for married couples filing jointly.
What is the standard deduction for seniors over 65 in 2022?
Taxpayers who are at least 65 years old or blind can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status). If you're both 65 and blind, the additional deduction amount is doubled.
If your income is below the amount of your standard deduction, then you will have no taxable income and will pay no income taxes.
Please note: You may have to pay some kind of extra tax or penalty based on your income sources, but your income tax should be zero. Please contact Turbo Tax on these types of additional taxes or penalties.
