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I get a pension and social security in the amount of 27,500 do i need to pay taxes on this amount. i am 80 years old?

i haven't paid income tax or filed taxes for several.  do i need to pay taxes on 27,500 i am 80 years old?
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3 Replies

I get a pension and social security in the amount of 27,500 do i need to pay taxes on this amount. i am 80 years old?

If the pension income plus one-half of the Social Security benefits received do not equal the following amounts for your filing status you do not need to file a federal tax return.

 

Married Filing Jointly - $32,000
Single or Head of Household - $25,000
Married Filing Separately - 0

 

Otherwise you will need to file -

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

 

To enter Social Security benefits reported on form SSA-1099

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On Social Security (SSA-1099, RRB-1099), click the start or update button

Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099

I get a pension and social security in the amount of 27,500 do i need to pay taxes on this amount. i am 80 years old?

You may still need to file State taxes, though.

I get a pension and social security in the amount of 27,500 do i need to pay taxes on this amount. i am 80 years old?

The above answer is incorrect.

You didn't state the breakdown  of the the two sources of income.

 

If you are single and pension is over $14,500, you must file a federal return. But your tax will be zero.

In prior years, the threshold was lower.

 

Do you live in New Jersey?

You have to file NJ return if your taxable income is over $10,000 from all sources, even if your tax will end up as zero.

 

Otherwise, check with the filing requirements for your state.

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