Have a Tax Question? Ask a Tax Expert
Hello,Age is not a factor in tax liability. It falls to your filing status and income amount. Age is only helpful because it can increase your standard deduction. You can be 177 and if your income is above the requirement you pay tax.Wish it were different
You are welcome
Well it depends on what type of pension. Like I said if you did not put any of the money into the pension or if you did and you were not taxed on the money that you put in then that is called tax deferred. When the money begins to be paid to you then it is taxable income. The social security then would need to be reported but only would be taxable if when you add half the SS to the total of the pension and it is more than the base. In your case $25000 (single person).Those other people may be getting pension money that they put into the account and the contributions they put in were not tax deferred (they paid tax on it when they put it in), it never was subtracted from there income back then.