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I earned 13,000 pension and 13,000 social security and no

Customer Question
I earned 13,000 pension...
I earned 13,000 pension and
13,000 social security and no taxes were taken out
single widow
Submitted: 6 years ago.Category: Tax
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Answered in 7 minutes by:
12/2/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,719
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!
Your social security benefits are not taxable.

Here is the simple test - take half of your social security benefits plus your other taxable income - if the total is less than $25,000 - none of your social security benefits are taxable.

 

Your pension is your taxable income, however you will use some deductions:

Standard deduction for singe person is $5800

Personal exemption $3700

Thus your remaining federal taxable income is $3500 and your tax liability is $350 due by Apr 15, 2012.

If you are above 65 - you will have larger standard deduction $7250

and your taxable income would be $2050 and your tax liability is $350 due by Apr 15, 2012.

Let me know if you need any help or clarification.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,719
Experience: Taxes, Immigration, Labor Relations
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Tax Professional: Lev, Tax Advisor replied 6 years ago

Sorry for type - some corrections

 

If you are above 65 - you will have larger standard deduction $7250

and your taxable income would be $2050 and your tax liability is $205 due by Apr 15, 2012.

Sorry for confusion.

Let me know if you need any help or clarification.

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