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My husband and I collect social security. He has a military…

Customer Question
My husband and I...

My husband and I collect social security. He has a military pension and I have a munincapal pension. He is 83 and I'm 81. Do we still have to file taxes?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

We live in Las Vegas, Nevada.

Accountant's Assistant: Has anything been filed or reported?

We did file last year.

Submitted: 5 months ago.Category: Tax
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Answered in 7 minutes by:
11/15/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,008
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

...

You MAY, depending the level of TAXABLE income you have.

...

No more than 85% of Social Security is ever taxable ... and for those that have ONLY Social Security none of it is taxable.

...

Because you have OTHER income, it's a little more complicated for you.

...

See this from Social Security:

"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.

*Note:

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

...

So answering your question is a two step process:

  1. See how much of your Social Security is taxable, and
  2. Determining whether that taxable social security(if any) plus your other income is above the filing threshhold.

...

The filing threshhold for a couple filing jointly is the total of the standard deduction ($12,700 in 2017) PLUS two personal exemptions ($4,050 in 2017)

...

SO if that TAXABLE Social Security PLUS your other income is not above (12700 + 4050 + 4050) = 20,800 you have no need to file.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

If you'd like to give me your numbers (total social security plus the pension amounts) I can run the numbers for you.

...

If this HAS given you enough, I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

But if you need more on this please let me know

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,008
14,008 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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