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My only income is social security and very little intrest…

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My only income is social...
My only income is social security and very little intrest income. Do I still have to file? I am 73 years old.
Submitted: 2 years ago.Category: Tax
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1/21/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,227
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial & tax advice since 1986.

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Hi - I can help here

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Most likely not.

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The test for having to file at all is whether your TAXABLE income is above the standard deduction and personal exemption amount (which is 6300 plus 4000 for a single filer and 12600 plus 4000 eaxch for joint filers)

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Then there's anther test for figuring if your social security is taxable (part OF that taxable income).

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Social security use a number called COMBINED INCOME which means 1/2 of your social security plus your other household income

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If you:

  • file a federal tax return as an "individual" and yourcombined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

  • file a joint return, and you and your spouse have acombined 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.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

SO ... if you're a single filer and lets say that your social security is 24000

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and your interest income is 2000

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Your combined income would be 12,000 plus 2000 ... 14000

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

MEANING ... that non of your social security is taxable ... WHICH would mean that if your interest is below 10,300 (if you're a single filer) or 16,600 (if you're a joint filer) you have no need to file at all

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

MEANING ... that NONE of your social security is taxable ... WHICH would mean that if your interest is below 10,300 (if you're a single filer) or 16,600 (if you're a joint filer) you have no need to file at all.

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If you'd like to give me your income and social security amount I can run the numbers for you ... but again , for MOST people where social security income is the only income, there's no need to file

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

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Let me know…

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Thanks

Lane

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Lane
Lane
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Category: Tax
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