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All of your income will count during the year for taxes. Taxes are calculated for the full year, Jan–Dec.
Why do you think your age in November and December are going to affect you taxes? Are you confused about the standard deduction?
If you were 65 or older at the end of 2023, you get an extra amount added to your standard deduction.
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
Look at line 12 of your 2023 Form 1040:
PREVIEW 1040
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
And....your age does not affect whether you pay tax. Whether you pay tax is based on how much income you received--no matter what your age is.
There are 3 different things that happen with social security when you reach your full retirement age. They sometimes get confused.
1. If you retire before your full retirement age and continue working, your benefit will be reduce in the next year. However, if you declare retirement after you reach full retirement age, your benefit will not be reduced by working.
2. However, if you continue working, you are still subject to social security and medicare withholding on your wages or self-employment income, even if you are retired.
3. If your only income is social security, it is not taxable. But if you have other income, up to 85% of your social security will also be taxable. This is true no matter what your age is, or when you retired, or what kind of income it is. Any other taxable income you have can make your social security taxable, depending on the amount.
And lastly, pensions and other retirement income are almost always taxable.
Some states have generous exemptions for retirees. I'm talking mainly about your federal taxes.
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