UPDATED FOR TAX YEAR 2019
Yes - You need to file a tax return since you're income is over $27,700 (filing jointly; both over 65).
Your retirement income is taxable.
Whether your Social Security benefits are taxable depends on how much other income you have. Just enter the amount in TurboTax and it will calculate the taxable amount.
Here’s a quick way to find out if you have to pay taxes on your Social Security benefits:
- Add one-half of the Social Security income to all other income, including tax-exempt interest.
- Then compare that amount to the base amount for your filing status. If the total is more than the base amount, some of your benefits may be taxable.
Base Amounts. The three base amounts are:
- $25,000 – if taxpayers are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from their spouse for the entire year
- $32,000 – if they are married filing jointly
- $0 – if they are married filing separately and lived with their spouse at any time during the year
Here is an interactive tax assistant tool from the IRS to help you fully answer the question. Click here: Are my Social Security Benefits Taxable
[Edited | 4/15/2020 | 9:35am PDT]
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