Solved: I owe taxes on my monthly retirement income, why is this?
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I owe taxes on my monthly retirement income, why is this?

 
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Level 15

I owe taxes on my monthly retirement income, why is this?

Retirement income is taxable.  Are you receiving Social Security or income from a pension or IRA? 

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

https://ttlc.intuit.com/questions/1900153-are-ira-and-pension-distributions-taxable

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

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Level 15

I owe taxes on my monthly retirement income, why is this?

Retirement income is taxable.  Are you receiving Social Security or income from a pension or IRA? 

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

https://ttlc.intuit.com/questions/1900153-are-ira-and-pension-distributions-taxable

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

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