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dmzeph95
New Member

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

 
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2 Replies

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

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

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

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.

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