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My income from SS and annuity and two Very small pensions…

Customer Question
My income from SS...

My income from SS and annuity and two Very small pensions equal about $30,000 a year. Do I pay taxes on all this income?

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

I am a widow. Annuity is about $600 per month, one pension $74 a month, one pension $159.00 a month, SS $2,060 a month.

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

I do not own a home, am not disabled, age seventy four.

Submitted: 27 days ago.Category: Tax
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3/29/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 27 days ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Tax Professional: Tax.appeal.168, Tax Accountant replied 27 days ago

In brief, as your total income is more than $25,000, part of your social security will be taxed along with the other income that you receive. SEE BELOW:

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You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000. If you file a joint return, you must pay taxes if you and your spouse have “combined income” of more than $32,000. If you are married and file a separate return, you probably will have to pay taxes on your benefits.

REFERENCE SOURCE:

https://faq.ssa.gov/link/portal/34011/34019/article/3831/must-i-pay-taxes-on-social-security-benefits

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