Ask Terry Questions Federal taxes

Federal taxes

By Terry Savage on February 20, 2023 | Social Security

If I only get 16000.00 in social security with no other income do I owe federal income taxes?

Terry Says

The IRS typically requires you to file a tax return when your gross income exceeds the standard deduction for your filing status. These filing rules still apply to senior citizens who are living on Social Security benefits. However, if Social Security is your sole source of income, then you don’t need to file a tax return.

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