DianeC958
Expert Alumni

Retirement tax questions

Depending on your age and filing status.  If your income is less than the Standard Deduction you are not required to file a tax return.

 

The Standard Deduction for 2019 is

 

Single $12,200

Head of Household $18,350

Married Filing Joint $24,400

Married Filing Separate $12,200

 

If none of your Social Security is taxable this does not count in figuring your taxable income.  If you have other income, based on your filing status, part of your Social Security may be taxable.  

 

For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.

 

For married couples filing jointly, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security benefits.

@bargus-sims 

 

 

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