do I pay taxes at 68 years old?

retmil75 — Sat, 26 Sep 2020 18:22:28 GMT

Re: do I pay taxes at 68 years old?

DoninGA — Sat, 26 Sep 2020 18:34:15 GMT

If you have taxable income, your age is not relevant when paying taxes.

Re: do I pay taxes at 68 years old?

xmasbaby0 — Sat, 26 Sep 2020 18:45:31 GMT

There is no age limit to paying income tax. If Social Security is your only income you do not have to file a tax return. If you have other income in addition to Social Security, you may owe income tax.

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 will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240) 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 5a and 5b of your 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: do I pay taxes at 68 years old?

Critter-3 — Sat, 26 Sep 2020 19:18:34 GMT

IMHO I believe there should be extra exemption amounts added to the standard deduction at the age of 80 and again at 90 and if you make it to 100 you are tax free for the rest of your life. My great aunt filed a return every year until she passed at 105 1/2.

topic do I pay taxes at 68 years old? in Retirement tax questions

do I pay taxes at 68 years old?

Re: do I pay taxes at 68 years old?

Re: do I pay taxes at 68 years old?

Re: do I pay taxes at 68 years old?