topic Texas, Federal taxas in Retirement tax questions

Texas, Federal taxas

28grace — Tue, 28 Jan 2025 17:54:06 GMT

Do I need to pay federal taxes on gambling winnings of 10,170.48 and my ssdi of $15,896.40 in the year 2024?

Re: Texas, Federal taxas

xmasbaby0 — Tue, 28 Jan 2025 17:57:13 GMT

You need to file a federal return if half your Social Security plus your other income is

Single or Head of Household $25,000

Married Filing Jointly $32,000

Married Filing Separately $0

Who has to file?

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

Re: Texas, Federal taxas

28grace — Tue, 28 Jan 2025 18:16:19 GMT

Do I need to pay taxes and file a tax return, if half of my ssdi is $7,948.20 and my gambling winnings are $10,170.48?

Re: Texas, Federal taxas

RobertB4444 — Wed, 29 Jan 2025 15:50:44 GMT

No.

There are two tests to decide if you need to file a tax return. The first is to be aware of your filing status and then the total amount that you have to earn in order to have to file for that status. For the 2024 tax year those are-

Single and Under 65 - $14,600

Single and Over 65 - $16,550

Head of Household and Under 65 - $21,900

Head of Household and Over 65 - $23,850

Married Filing Jointly and Both Under 65 - $29,200

Married Filing Jointly and One Under 65 - $30,750

Married Filing Jointly and Both Over 65 - $32,300

Qualifying Surviving Spouse Under 65 - $29,200

Qualifying Surviving Spouse Over 65 - $30,750

(Married Filing Separately has to file if they only make $5)

The total of all your income must add up to those amounts in order for you to have to file a tax return.

But the second test - the one @xmasbaby0 mentions - is to decide whether you have to include your social security as income when calculating whether you have to file.

If you are single and your total income is below $25,000 when you include half of your social security benefits then you do not need to include your social security benefits in your income when deciding if you are have to file.

$7,948.20 added to $10,170.48 is $18,118.68. That is less then $25,000. So you do not have to include your social security as income when deciding whether you have to file.

Then $10,170.48 - which is your total income without your social security - is below the filing threshold for your status which is Single and over 65. So you do not need to file a tax return.

[Edited 01/29/25 07:50 AM PST]

[Edited 01/28/25 12:53 PM PST]

@28grace

Re: Texas, Federal taxas

xmasbaby0 — Tue, 28 Jan 2025 18:23:43 GMT

Are you Single? When you do the math---do those numbers add to more than $25,000?

Did you also use the IRS interactive tool that was provided to you? What did it say?

You do not need to file.

Re: Texas, Federal taxas

28grace — Tue, 28 Jan 2025 18:33:26 GMT

I am single and half of my ssdi adds to $7,948.20 and my gambling winnings are $10,170.48 for the tax year 2024. This totals to $18,118.68, which is below the base amount of $25,000. I've been so worried about having to pay taxes. Thank you for your reply.

Re: Texas, Federal taxas

28grace — Tue, 28 Jan 2025 18:36:38 GMT

Thank you so much for your reply.

Re: Texas, Federal taxas

xmasbaby0 — Tue, 28 Jan 2025 18:37:19 GMT

Enjoy your winnings!