2006-10-18 05:49:35 · 9 answers · asked by bngmm2000 1 in Business & Finance ➔ Taxes ➔ United States
Lesson 1: Don't go to Extra_37 if you need a CPA.
Lesson 2: Don't ask serious questions on Yahoo! and expect good answers
Although a few answers were close, they were unnecessarily complicated. Many others were downright wrong. I personally liked Skip's answer best. If anyone should get the "best answer", he should.
The truth is, if your ONLY "income" is Social Security, and you are NOT filing Married Filing Separate, and your total Social Security payments do not exceed $50,000 (yes, $50,000!), then you will NOT have to pay any federal income taxes on your benefits and you will NOT, I repeat NOT, have to file a tax return.
2006-10-18 16:08:20 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
It depends how much it is. If it is a full retirement check of several hundred dollars a month then yes, you must report it. However, you might not have to pay any tax on it. That will depend on your other income. Broadly, you add half of your SS benefits to your other income (including tax-free income) and if it exceeds $25,000 for a single person or $33,000 for married filing jointly you will pay some tax. Start at the link below, which gives a useful overview.
stl_aer: Taxman got the $50,000 number thus (I think!): If the only income is SS then take half of the $50,000. That is $25,000. For a single person, anything below that amount is tax-free.
2006-10-18 13:33:31 · answer #2 · answered by skip 6 · 0⤊ 0⤋
You should go to this link
http://www.irs.gov/pub/irs-pdf/i1040.pdf
and read what it says on page 12 about who should file a tax return.
For 2005 it says:
If you are single and over 65 you should file a tax return if your gross income is at least $9450. Gross income means all income you received........Do not include social security benefits unless you are married filing a separate return and lived with your spouse during 2005.
Please read the instructions to determine whether you need to file or not. The other people who answered were guessing except skip.
Taxman - where do you get that $50,000 number?
2006-10-18 13:40:33 · answer #3 · answered by porkchop 5 · 0⤊ 0⤋
Yes. Just plain "yes". I retired 3 years ago and this was a big question to me. I checked with several tax preparers (HR Block, etc.) and they all said yes. Then I called Social Security (get a phone number at www.ssa.gov Click on "Contact Us" on the blue line across the top). Call back 2-3 times, you'll get a different person, you'll get different interpretations. Then ask one of your friends, or anybody that is retired. See what THEY do. Get all ready, know what you have to do. Have everything ready!
2006-10-18 14:17:31 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Depends on your other income, your age, and your filing status. Last year, if your total income OTHER than ss was under $8200 (single, under 65), $9450 (single, 65 or over), $16,400 (married filing joint, both under 65), $17,400 (mfj, one under 65 one 65 or older), $18,400 (mfj, both 65 or older), $10,500 (head of household, under 65), $3200 (married filing separately), $11,750 (head of household, 65 or older), then you were not required to file. Numbers might increase a little this year, but not much.
Self-employed taxpayers must file if they have net income from self-employment of $400 or over.
Even if you have to file, it's possible that none of your ss is taxable. That depends on your other income.
2006-10-19 00:02:44 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
Yes...but the taxability of that income will depend on your other income. If no other income, then only 50% will be taxed. But you HAVE to file.
2006-10-18 13:58:55 · answer #6 · answered by extra_37 4 · 1⤊ 2⤋
You have to file taxes if you receive any kind of income.
2006-10-18 12:57:14 · answer #7 · answered by tommygirl 3 · 0⤊ 2⤋
yes you do depending on how much you draw
2006-10-18 13:09:58 · answer #8 · answered by krusty_blue_spaz 5 · 0⤊ 2⤋
I think they do if they have a job.
2006-10-18 12:51:14 · answer #9 · answered by *babydoll* 6 · 0⤊ 1⤋