Need to file next year?

timandkaren

My wife and I are 66, have only SSI each and she has a small pension from PA. We do not take anything other than standard deductions and have no investment income. We do not have any taxes withheld. Our yearly income is about $44,000 /year Do we need to file a yearly 1040 anymore snce we have retired???

MatthewD

Hi TimandKaren,

Since you have a small pension, you may need to file a tax return. Keep in mind that up to 85% of social security can be taxable, depending on the amount of other types of income. The pension will make some of the Social Security Benefits taxable. See the Taxable Social Security Benefits Interactive Tax Assistant.

Since you do not have any withholdings, you would not be claiming a refund. That is one reason you would not need to file.

In your age category and income level, here are some guidelines on filing. Keep in mind these are for 2022 and will change for 2023.

If you are married filing a joint return, both over 65 at the end of 2022 and your gross income was at least $28,700 then you are required to file a form 1040. Don't include your social security benefits in gross income unless some of it will be taxable (due to the pension income.) For more details see IRS publication 501, and the paragraph starting with Who Must File.

Our 2023 software will be available around the middle of November 2023. You can sign in to your account and enter your income and start a free federal return. If you AGI and taxes are Zero, then you may not need to file.

We recommend you complete this IRS Interactive Tax Assistant for "Do I need to file a tax return?"