topic Why would I pay taxes on income of 15,700? in Get your taxes done using TurboTax

Why would I pay taxes on income of 15,700?

pmp3 — Mon, 09 Mar 2026 05:04:14 GMT

Re: Why would I pay taxes on income of 15,700?

xmasbaby0 — Thu, 24 Feb 2022 16:12:40 GMT

What is your filing status? What was the source of the income? Was it self-employment income? Social Security? Income on a W-2? Was any tax withheld? Something else? Can you be claimed as someone else's dependent---are you a full-time student?

Re: Why would I pay taxes on income of 15,700?

pmp3 — Thu, 24 Feb 2022 16:36:01 GMT

Filing status M

income after standard deduction

SS & annuity & W2-G

retired

Re: Why would I pay taxes on income of 15,700?

xmasbaby0 — Thu, 24 Feb 2022 16:43:43 GMT

You had gambling income and retirement income, as well as Social Security?

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it was $17,040—for 2019 it was $17,640— for 2020 it is $18,240; for 2021 it is $18,960, (For 2022 it will be $19,560) After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2021 Form 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

Some additional information: There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

Re: Why would I pay taxes on income of 15,700?

DoninGA — Thu, 24 Feb 2022 16:44:58 GMT

@pmp3 wrote:

Filing status M

income after standard deduction

SS & annuity & W2-G

retired

Look at your tax return Form 1040

Line 15 is your taxable income

Line 16 is the tax on your taxable income

Line 24 is your Total Taxes

Line 33 is your Total Tax Payments

If your Total Tax Payments are greater than your Total Tax you will receive a tax refund for the overpayment - Line 34

If your Total Tax Payments are less than your Total Tax you will have taxes owed - Line 37