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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10164
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Must we file if we are on ss only

Customer Question

must we file if we are on ss only
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

...

Likely not.

...

If you file a joint return, and you and your spouse have a combined income* that is

  • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
  • more than $44,000, up to 85 percent of your benefits may be taxable.

...

And please note that "combined income" is a very specific term in Social Security Terminology...

...

*Note:

Your adjusted gross income
+ Nontaxable interest
+ ½ of your Social Security benefits
= Your "combined income"

...

SO, if social security is your ONLY income, then you'd have to have ( $32,000 x 2) ... $64,000 in Social Security income before it would be taxable at all.

...

And if you have no TAXABLE uncome you do not have to file

..

So, again, it would be VERY unlikely for your total joint Social Security to be enough to have to file a return.

...

Let me know if you have questions

...

Lane

..

Expert:  Lane replied 11 months ago.

Hope this has helped...Let me know if you have questions.

...

If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

...

Thank you,

Lane

Expert:  Lane replied 11 months ago.

Hi,

...

Just checking back in to see if you saw my answer.

..

Again, if your only income was social security you would only need to file if your total joint income was $64,000 or over.

...

Let me know if you have questions

...

lane

..