The filing requirement is based on income. The pension amount is probably taxable and if other income is high enough, part of the social security as well.
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
The Gross income
requirements for each filing status (If your income is below these, you don't
need to file.)
- Single: $10,300 if under age
65. $11,900 if 65 and older.
- Married filing jointly:
$20,700 if both under 65. ...
- Married filing separately --
$4,050 at any age.
- Qualifying widow(er) with a
dependent child: $16,650 if under 65. ...
- Head of household: $13,350 if
under 65.
The IRS increases
the standard deduction amount for taxpayers who are 65 or older by the end of the tax year. As a consequence, the
income threshold you use to evaluate whether you should file a tax return
increases by $1,000. If your 65th birthday falls on January 1, you can take the
larger standard deduction for the prior tax year since the IRS treats you as
being 65 on December 31.
