Could it be correct to owe $0 Fed & $0 state taxes? I am retired. Married filing jointly. Social Security & Pension income $57,000. Using Standard Deduction.

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Best answer by Vanessa11_2

Yes, it is possible, but not extremely likely with total income of $57,000. There is a reasonable chance that you would have some sort of tax liability. However, there are a couple of different scenarios that could happen here. Some states do not tax pensions or social security, so $0 due for state would make sense, depending on your state.

If you have taxes withheld from your pension or your social security, they could have somehow withheld the exact amount of federal taxes that needed to be withheld.

Since you are both retired, if you are both over 65, your Standard deduction will be $26,600. If your pension plus 1/2 of your social security is less than $26,600, you would not have any tax liability, however, at $57,000 that is not a likely situation.

To determine if the numbers are accurate, look at line 4a, 4b, 5a, and 5b on your return to make sure the numbers were entered. Also look at line 7 (AGI) and 10 (Taxable Income) Line 11 will tell you your tax liability and line 16 will tell you the amount you had withheld. Looking at those numbers will tell you if you have everything correct on your return.

To see your 1040 click Tools>>Tax Tools>>View Tax Summary>>Preview My 1040

V

Vanessa11_2Answer

Level 13

Yes, it is possible, but not extremely likely with total income of $57,000. There is a reasonable chance that you would have some sort of tax liability. However, there are a couple of different scenarios that could happen here. Some states do not tax pensions or social security, so $0 due for state would make sense, depending on your state.

If you have taxes withheld from your pension or your social security, they could have somehow withheld the exact amount of federal taxes that needed to be withheld.

Since you are both retired, if you are both over 65, your Standard deduction will be $26,600. If your pension plus 1/2 of your social security is less than $26,600, you would not have any tax liability, however, at $57,000 that is not a likely situation.

To determine if the numbers are accurate, look at line 4a, 4b, 5a, and 5b on your return to make sure the numbers were entered. Also look at line 7 (AGI) and 10 (Taxable Income) Line 11 will tell you your tax liability and line 16 will tell you the amount you had withheld. Looking at those numbers will tell you if you have everything correct on your return.

To see your 1040 click Tools>>Tax Tools>>View Tax Summary>>Preview My 1040

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