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New Member
posted Jan 27, 2025 7:30:13 AM

Do I have to file taxes?

My only source of income is social security and $500. of bank interest.   Do I have to file taxes?  I am retired and 82 years old.

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1 Best answer
Level 15
Jan 27, 2025 9:01:39 AM

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0

 

 So, with only $500 of "other income" even the highest paid SS beneficiary would not be required to file a tax return. 

2 Replies
Expert Alumni
Jan 27, 2025 7:32:22 AM

No.  If your only income is social security and $500 in bank interest you are not required to file a tax return.

 

@Katzmom12 

Level 15
Jan 27, 2025 9:01:39 AM

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0

 

 So, with only $500 of "other income" even the highest paid SS beneficiary would not be required to file a tax return.