Vanessa A
Expert Alumni

Retirement tax questions

Probably not.  If your only income is social security and it is less than $50,000, you would not have any taxable income.  If it is more than $50,000, then you would divide that in half and compare it to your standard deduction to determine if you need to file a return.  If it is less than your standard deduction, you do NOT need to file. 

 

The 2024 Standard Deductions are as follows:

  • Married Filing Joint (MFJ)              $29,200
  • Married Filing Separate (MFS)      $14,600
  • Head of Household (HOH)             $21,900 
  • Single                                                 $14,600                                

Blind or over 65 and MFJ or MFS add $1,550

Single or HOH if blind or over 65 add $1,950

 

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