topic Do I qualify for elderly credit? Only $436 of an annuity is not taxed. I receive SS and am taxed? in Deductions & credits

Do I qualify for elderly credit? Only $436 of an annuity is not taxed. I receive SS and am taxed?

dmzeph95 — Tue, 09 Mar 2021 21:04:10 GMT

Re: Do I qualify for elderly credit? Only $436 of an annuity is not taxed. I receive SS and am taxed?

DoninGA — Tue, 09 Mar 2021 21:06:59 GMT

If you only have $436 of taxable income your Social Security benefits would not be taxed unless you are filing as Married Filing Separately.

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: Do I qualify for elderly credit? Only $436 of an annuity is not taxed. I receive SS and am taxed?

SweetieJean — Tue, 09 Mar 2021 23:09:20 GMT

You said: Only $436 of an annuity is not taxed. So how much is taxed (for the whole year, not per month)?

You are asking from TT Self-Employed, which suggests that you have other income, perhaps from a side job. The Elderly Credit eligibility is based on your total income, not just that from retirement income.