I’m 62, retired and live in Illinois. My only income is a small pension and social security. Do I have to pay federal taxes?

[RyanH5]

Hi Sherman,

The general rule of thumb is that if the sum of half of your social security benefits plus all other income (including tax exempt interest and dividends) does not exceed $25,000 ($32,000 if married filing a joint return), then you are not required to file a tax return, and would have no tax liability.

You can find out more about how much of your social security is taxable and if your required to file a return here.