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Retirement tax questions
Not everyone is required to file an income tax return each year. If your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return.
The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.
The general rule of thumb is that if your income is less than your standard deduction, you generally don’t need to file a return (provided you don't have a type of income that requires you to file a return for other reasons, such as self-employment income).
The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
You can use the IRS interactive tool to determine if you need to file a tax return by clicking here.
Social Security Disability Insurance (SSDI) benefits may be taxable if you receive income from other sources, such as dividends or tax-exempt interest, or if your spouse earns income.
Click here for "Does Everyone Need to File a Tax Return?"
Click here for "Is Social Security Disability Taxable?"
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