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I'm not sure if I need to file income tax or not. I'm 66 and…

I'm not sure if...

I'm not sure if I need to file income tax or not. I'm 66 and am on Social Security getting $1,146 per month and a pension getting $103 per month.

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

I started getting my pension benefits in 2017 with a lump sum at first of $1,000 or so. I don't know what other info you want

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

My name is*****

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Answered in 7 minutes by:
3/8/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
Experience: Taxes, Immigration, Labor Relations
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Hi Diane,

So far - your income for 2017 was

-- social security benefits $1,146 * 12 = $13752 - I assume this amount is reported on form SSA-1099 box 5

-- pension 1,000 (lump sum) + $103 * 12 = $2236

To determine if social benefits are taxable - here is a simple test

-- take half of your social security benefits $13752 / 2 = $6876

-- plus other taxable income $2236

- if the total is less than $25,000 - NONE of social security benefits are taxable.

So your only taxable income $2236

.

Your filing requirements - see page 2

https://www.irs.gov/pub/irs-pdf/p501.pdf

starts from taxable income $11,950 - so far - you are NOT required to file.

Let me know if you need any help with determination.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 5 months ago
Even with just Social Security, I make over $10,000 or $11,000 per year. I didn't start getting my pension until later in 2017, so it wasn't 12 months. I got the $1,000 towards the end of the year and have received maybe 3 monthly payments.
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I just wonder if you were able to prepare your PTC forms?
You might be entitled for significant refund - I do not want you to miss that opportunity.

Please let me know how that works out for you.

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