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nqureshi
New Member

Do i still have to file taxes when I get my retirement income

 
2 Replies
ghost
Level 8

Do i still have to file taxes when I get my retirement income

Hal_Al
Level 15

Do i still have to file taxes when I get my retirement income

The simple answer is yes. Retirement income is generally taxable. There are a few exceptions (e.g. some forms of disability retirement). If you get a form 1099-R for your retirement income, it is reportable. You do not file only if your total income is below the filing threshold. See link previously provided for income thresholds

Social security benefits only becomes  taxable when added to sufficient other income. If you are otherwise required to file a tax return, you do need to enter it in Turbotax (TT). TT will determine the taxable portion.

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0

For state income tax, most states do not tax Social security and many do not tax pensions (or allow a retirement credit). But you still report the income on your state return, The credits or deductions come up in the TurboTax state interview.

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