Great question as there are many that have the strongly held belief that we will pay taxes until we die and even then beyond the grave !!!
🙂
Seriously, having to pay taxes truly depends on your overall circumstances. One of the best examples of the above is the taxation on Social Security Benefits.
Per The Social Security Administration:
File a federal tax return as an "individual" and your combined income* is
- Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
- More than $34,000, up to 85% of your benefits may be taxable.
File a joint return, and you and your spouse have a combined income* that is
- Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
- More than $44,000, up to 85% of your benefits may be taxable.
Social Security Administration
In general, a more accurate estimate of the need of making ESTIMATED TAX PAYMENTS (even for retired folks) can be obtained by using using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations (interest income, dividend, gambling winnings, etc.).
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
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