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Retirement tax questions
No, if your ONLY income is the $57,000 from social security, and you are filing as married filing jointly, you would not need to file a return.
Although half of your social security is over the base to make 50% of it taxable, it would still be under your Standard Deduction which is $29,200 for married filing jointly and $32,300 if you are both over 65.
If you fall into the following, 85% of your social security is taxable income
- Single with income above $34,000
- Married Filing Jointly with income above $44,000
- Married Filing Separate regardless of income
If you fall into the following, 50% of your social security is taxable income
- Single with combined income between $25,000-$34,000
- Married Filing Jointly with combined income between $32,000 and $44,000
Your combined income is calculated by adding your
- AGI plus
- Nontaxable Interest plus
- 1/2 of your social security Benefits
Social Security Benefits Taxes
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‎February 16, 2025
2:46 PM