I want to take advantage of turbo tax free filing as our only income is Social Security. Do we even need to file a return?

[mikenmontana]

Our only income is Social Security. Do we need to file?

[DoninGA]

If the Social Security benefits is the Only income to be reported on the tax return and there is no federal income taxes being withheld, then there is no reason or need to file a tax return.

[Vanessa A]

Probably not.  If your only income is social security and it is less than $50,000, you would not have any taxable income.  If it is more than $50,000, then you would divide that in half and compare it to your standard deduction to determine if you need to file a return.  If it is less than your standard deduction, you do NOT need to file. 

 

The 2024 Standard Deductions are as follows:

• Married Filing Joint (MFJ)              $29,200
• Married Filing Separate (MFS)      $14,600
• Head of Household (HOH)             $21,900 
• Single                                                 $14,600                                

Blind or over 65 and MFJ or MFS add $1,550

Single or HOH if blind or over 65 add $1,950