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ererer
New Member

Do I have to claim my pension as income? I am 77 yrs. old

I am retired and single.  I receive $133.87 each month as a pension. Do I have to claim it as income along with my social security check?
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4 Replies

Do I have to claim my pension as income? I am 77 yrs. old

If that is your only income you don’t have a filing requirement to file a return. 

Do I have to claim my pension as income? I am 77 yrs. old

To be safe, use this IRS web site,

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

 

Or, prepare your return in Turbotax and let the program tell you.  If you owe no tax and are not getting a refund, you can skip the filing step and you won't pay anything.

 

If you did not receive the $1400 "round 3" stimulus payment in the Spring of 2021, the only way to claim it now is to file a return even if you owe no tax.

 

If you are single, your social security is not taxable as long as half your social security plus your other income is less than $25,000.   Since your pension is less than $2000 and the maximum social security benefit is around  $30,000 (more or less), it would seem unlikely that any of your income is taxable.  But the only guaranteed way to know is to check the IRS web site or prepare a tax return and see what it says. 

Hal_Al
Level 15

Do I have to claim my pension as income? I am 77 yrs. old

Q.  Do I have to claim my pension as income?

A. Yes and no.

 

All income is taxable, no matter how small the amount.  So, yes, if you filing a tax return, you must declare that pension income.

 

But, there is a minimum income before you even have to file a tax return. If that pension and your social security are your only income, you do not need to file a tax return. That filing threshold is $14,250 single and $27,800 married (age  65+). 

 

That threshold does not include your social security.  Social security only becomes taxable when added to sufficient other income. 

Do I have to claim my pension as income? I am 77 yrs. old

State filing requirements may be different.

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