I am 67 years old. I don"t owe and nothing is owed to me this year, do I need to file taxes anyway?

[lmwindau724]

I am 67 yrs. old.  I only receive social security and a little from an annuity. Total of $25,296.   I don't owe any taxes and I'm not receiving any thing back.  This is the 2nd year like this.  Do I really need to continue filing taxes?

[Coleen3 · Accepted solution]

No, if you are under the filing requirement, you do not need to file. Your social security isn't taxable until it is combined with sufficient income.

2018 Filing Requirement

Single 

• Under 65 $12,000
• 65 or older $13,600

Married filing jointly

• Under 65 (both spouses) $24,000
•  65 or older (one spouse) $25,300
•  65 or older (both spouses) $26,600

Married filing separately

• Any age $5

Head of household 

• Under 65 $18,000
•  65 or older $19,600

Qualifying widow(er) with dependent child

• Under 65 $24,000
•  65 or older $25,300

*2019

You are required to file if your income exceeds the following limits for 2019:

• Single, under 65 – $12,200.
• Single, 65 or older – $13,850.
• Married filing jointly, both spouses under 65 – $24,400.
• Married filing jointly, one spouse 65 or older – $25,700.
• Married filing jointly, both spouses 65 or older – $27,000.

A quick way to find out if any of your benefits may be taxable is to add one-half of your Social Security benefits to all your other income, including any tax-exempt interest. Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. The three base amounts are:

• $25,000 - for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year
• $32,000 - for married couples filing jointly
• $0 - for married persons filing separately who lived together at any time during the year