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I just have SS and a small pension of $54.00. I was told I…

Customer Question
I just have SS...

I just have SS and a small pension of $54.00. I was told I am exempt rom filing?? Is that rue or do I still need to file

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My SS is 1604.00 and my pension is $524.00 H&R block told me I didnt have to file so need to make sure if I do or not. I do not work

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I dont think so. No other income

Submitted: 5 months ago.Category: Tax
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11/17/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Based on the figures that you provided, you do not have to file a tax return. However, if you are having taxes withheld from the social security and or the pension, you may still want to file because you will likely be due a refund. SEE BELOW:

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You’re among the 18 million or so who aren’t so lucky, though, if your “provisional income” is more than $25,000 on a single return or $32,000 on a joint return. Provisional income is adjusted gross income (not including Social Security) plus 50% of your benefits plus any tax-free interest from municipal bonds.

If that income is between $25,000 and $34,00 on a single return or between $32,000 and $44,000 on a joint return, up to 50% of your benefits can be taxed. The rest is tax-free.

REFERENCE SOURCE:

https://www.kiplinger.com/article/taxes/T051-C000-S001-are-your-social-security-benefits-taxable.html

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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Additional Info:

Since your income that is equal to or less than the sum of the exemption and standard deduction is not taxable, the IRS doesn't require you to file a return in years your income doesn't exceed that sum. When determining whether you need to file a return, you don't include tax-exempt income. In 2017 for example, if you are under age 65 and single, you must file a tax return if you earn $10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption.

Income thresholds for taxpayers 65 and older

If you are at least 65 years old and receive Social Security income during the year, you are subject to the same filing requirements as any other taxpayer. However, you can generally receive more income during the year than other taxpayers before having to file a tax return. An exception is if you are married but file a separate tax return from your spouse who you lived with during the year. In this case, you must include your Social Security income when evaluating whether your gross income exceeds the standard deduction plus one exemption. In addition, if the IRS requires you to pay tax on a portion of your Social Security income because your other income is too high, then you must include that taxable portion in your calculation as well, regardless of your filing or marital status.

REFERENCE SOURCE:

https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW

The pension amount is less than the $10,400 threshold amount required for filing.

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