If income is social security and less than $25000.00, do I have to file tax return?

[nmmalas]

If my annual income is from social security and less than $25000.00 in additional income, do I have to file tax return?

[DoninGA · Accepted solution]

Depending on your filing status the Social Security benefits may be taxable based on the amount of your other income.  You can use this TurboTax calculator to get an estimate of taxes owed or not - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

If your other income was $25,000 and you also have Social Security benefits being received, you may have taxes owed.  You should complete a tax return entering all of your income and SS benefits received to get an accurate indication on whether you will owe taxes or not.

Go to this TurboTax website to start a tax return for Free - https://turbotax.intuit.com/personal-taxes/online/

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security reaches:

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

[suannetax]

Re: If income is social security is 20410 and 403b income is 4707.60 do I have to pay taxes

[Critter]

If you are single you are not required to file a federal tax return.  States may vary. 

[dbenn2u]

I have been informed by the public networks that if i am on social security and i normally do not file, that we are encouraged to file in order to assure that we will get the the funds that will be distributed by the government to relief of the corona outbreak.

[Critter]

@dbenn2u 

You do NOT need to file if you are on SS and have no other reason to file ...

Social Security Recipients Will Automatically Receive Economic Impact Payments

 https://home.treasury.gov/news/press-releases/sm967

April 1, 2020

WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. 

“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin. 

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

*****  However ****  they may WANT to file a "simple" return if they have dependents under the age of 17 to get the extra $500 now instead of waiting to file a 2020 return ...  details on how to do this are still TBD...

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.