Taxes on retirement income for senior
Dear Ms Savage
I retired Dec 1st 2019, my Soc Sec is 948.60 minus 144.60 for medicare part B, I collect 804.00 a month. I also receive 100.00 a month from a pension. I am wondering if I am required to pay taxes on this income.
Terry Says
Yes, Social Security and pension income IS taxable. However there are minimum income levels before you are required to file a tax return
For 2020, If you are single and under the age of 65, the minimum amount of annual gross income you can make that requires filing a tax return is $12,200. If you’re 65 or older and plan on filing single, that minimum goes up to $13,850.
Looks like you might slide under that limit for 2020!
