Ask Terry Questions Income tax

Income tax

By Terry Savage on January 29, 2024 | Financial Planning / Retirement

I retired in 2019. I receive $100.00 per month pension from my ex-employer, which amounts to $1,200.00 per year. I have never filed taxes because the amount is so low and what I receive from social security isn’t much $13,272.00 for 2023). Should I file taxes on the pension? I elected not to have taxes withheld because of the small amount. People have told me I should but I don’t think it’s worth it. What do you think?
Thank you for your time, I love watching you on WGN channel 9 in Chicago.

Terry Says

You’re just under the limit! If you have income below the standard deduction threshold for 2023, which is $13,850 for single filers and $27,700 for those married filing jointly, you are not required to file a return.

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