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Retirement tax questions
Well for federal 5,000 is less than the Standard deduction so it should not be taxable and it probably won't make any of your Social Security taxable either (especially if they pass No Tax on SS). Are you Single or Married?
Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
For 2025 the standard deduction amounts are:
Single 15,000 + 2,000 for 65 and over or blind (17,000)
HOH 22,500 + 2,000 for 65 and over or blind (24,500)
Joint 30,000 + 1,600 for each 65 and over or blind (31,600/33,200)
Married filing Separate 15,000 + 1,600 for 65 and over or blind (16,150)
‎June 23, 2025
4:28 PM