We're 66, retired, married filing jointly, with an annual income of $46,000 (pension monthly distributions equal about $19,500 and Soc Sec about $26,500). Am I correct, 1)Pension is not counted toward "Combined Income," so NO Soc Sec income is taxable; and, 2)Our Federal tax liability would be based solely upon the adjusted income of our pension distributions minus the standard deduction and other itemized deductions?
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No, you do not owe any tax.
Q.1. No. Your pension is taxable income and does count toward "Combined Income". So, $19,500 + half of $26,500 = $32,750. Since that is more than $32,000, a small portion of your SS is taxable.
Q.2. The total (your adjusted gross income [AGI] is still less than your Standard deduction ($26,600, rather than $24,000 since you're both over 64), so you still have no taxable income.
No, you do not owe any tax.
Q.1. No. Your pension is taxable income and does count toward "Combined Income". So, $19,500 + half of $26,500 = $32,750. Since that is more than $32,000, a small portion of your SS is taxable.
Q.2. The total (your adjusted gross income [AGI] is still less than your Standard deduction ($26,600, rather than $24,000 since you're both over 64), so you still have no taxable income.
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