ElizabethW2
Employee Tax Expert

Retirement tax questions

Good morning, wardtheo!

 

Congratulations on retirement!!

 

If social security benefits are your ONLY income, you will not have a tax liability (no tax due on the benefits and, frankly, no need to file a return).

 

However, if you have other income or are filing a joint return with your spouse that has other income, part of your social security benefits could become subject to tax.  That depends on your filing status and how much income you have above the threshold.  Below is a link that gives you the thresholds (scroll to the bottom to the section titled "Do I pay Social Security tax or income tax on my Social Security benefit payments?".

 

Regards,

Elizabeth W

EA for 29 years