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aft1958
New Member

Will the fact that I am 66 3/4 years old effective this October, my income in November/December would not be calculated for my taxes if I am saying that right

 
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3 Replies
DawnC
Employee Tax Expert

Will the fact that I am 66 3/4 years old effective this October, my income in November/December would not be calculated for my taxes if I am saying that right

All of your income will count during the year for taxes.    Taxes are calculated for the full year, Jan–Dec.

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Will the fact that I am 66 3/4 years old effective this October, my income in November/December would not be calculated for my taxes if I am saying that right

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.

**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.**

Will the fact that I am 66 3/4 years old effective this October, my income in November/December would not be calculated for my taxes if I am saying that right

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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