topic Should a retired individual file a tax return if he is receiving a pension from the union in addition to social security benefits? in Retirement tax questions

Should a retired individual file a tax return if he is receiving a pension from the union in addition to social security benefits?

shinbo_25 — Wed, 05 Jun 2019 18:55:43 GMT

kerriP — Wed, 05 Jun 2019 18:55:45 GMT

That depends on the amount of your pension and the amount of your social security income.

To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of:

The base amount for your filing status is:

$25,000 if you're single, head of household, or qualifying widow(er),
$25,000 if you're married filing separately and lived apart from your spouse for the entire year,
$32,000 if you're married filing jointly,
$0 if you're married filing separately and lived with your spouse at any time during the tax year.

Example: Base Amount-Single $25,000

Social Security $22,000 x .5 = $11,000

Other Income pension $13,000

Base Amount (25,000) $24,000 compare to $25,000 since less, NO SS is taxable.

The only potentially taxable income would be the Union Pension of $13,000. Filing requirement Single age 65 or older is $11.650.

In this situation there was more pension income $13,000 than the minimum filing requirement. Therefore a retur is required.

shinbo_25 — Wed, 05 Jun 2019 18:55:47 GMT

Thank you very much for answering my question. That helped a lot.

kerriP — Wed, 05 Jun 2019 18:55:49 GMT