topic Re: Retired in Get your taxes done using TurboTax

Retired

kathiechadwick5 — Sun, 26 Jan 2025 22:39:34 GMT

Do I need to file a tax return if I am collecting SSI and my benefit amount is above 40k? I do not have taxes taken. .I am also 71 years old. I do own a home so I have mortgage interest and property taxes to use as deductions.I am not getting a refund nor do I owe monies.

Re: Retired

DoninGA — Sun, 26 Jan 2025 22:42:18 GMT

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..

Re: Retired

xmasbaby0 — Sun, 26 Jan 2025 22:44:37 GMT

If Social Security is your ONLY income you do not have to file a tax return unless you have a 1095A for marketplace health insurance. If you have any other kinds of income like pension, investment income, rental income, distributions from retirement accounts like an IRA or 401k, etc. then you may need to file a tax return.

As for itemized deductions, if you paid no tax or had no tax withheld, there is nothing from which you could get a refund for entering mortgage interest, etc.

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

Re: Retired

kathiechadwick5 — Sun, 26 Jan 2025 22:47:30 GMT

Is the interest from savings account considered income if the amount is under 5K

Re: Retired

DoninGA — Sun, 26 Jan 2025 22:49:30 GMT

@kathiechadwick5 wrote:

Is the interest from savings account considered income if the amount is under 5K

Yes, the interest is taxable income.

Up to 85% of Social Security Retirement/Disability/Survivors benefits 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

Re: Retired

VolvoGirl — Sun, 26 Jan 2025 22:54:11 GMT

Do you get ssi or SS or SSDI? Did you get a SSA-1099? A lot of times people say ssi when they are getting Social Security. But ssi actually stands for supplemental security income. It is different than SS. You don't get a SSA-1099 for ssi and you do not report ssi on your tax return.