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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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‎April 3, 2025
12:44 PM