Get Tax Information - Retirees

Though there are some rumors on the internet that the government stops taxing Social Security payments once you reach a certain age, such as 70, this is simply not true. Social Security payments are taxable from the moment you start receiving them until you die. Is Social Security Taxed After Age 70 - SmartAsset smartasset.com https://smartasset.com › retirement › is-social-security-tax... smartasset.com https://smartasset.com › retirement › is-social-security-tax...

$1,850 What Is the Additional Standard Deduction for People Over 65? Filing StatusTaxpayer Is:Additional Standard Deduction 2023 (Per Person)Single or Head of HouseholdBlind$1,850Single or Head of Household65 or older$1,850Single or Head of HouseholdBlind AND 65 or older$3,7003 more rows • Dec 4, 2023 Standard Deductions for 2023-2024 Taxes: Single, Married, Over 65 forbes.com https://.forbes.com › taxes › standard-deduction forbes.com https://.forbes.com › taxes › standard-deduction

Taxes on Pension Income You have to pay income tax on your pension and on withdrawals from any tax-deferred investments—such as traditional IRAs, 401(k)s, 403(b)s and similar retirement plans, and tax-deferred annuities—in the year you take the money. The taxes that are due reduce the amount you have left to spend.

About 40% of people who get Social Security must pay federal income taxes on their benefits. This usually happens if you have other substantial income in addition to your benefits. Income Taxes and Your Social Security Benefit ssa.gov https://.ssa.gov › benefits › retirement › planner › ta... ssa.gov https://.ssa.gov › benefits › retirement › planner › ta...

Retirement tax rates by income source Social Security income is taxed at your ordinary income rate up to 85% of your benefits; the rest is tax-free. Long-term investment gains, including qualified dividends, are taxed at the long-term capital gains rate (plus a potential 3.8% net investment income tax).

If you are at least 65, unmarried, and receive $15,700 or more in nonexempt income in addition to your Social Security benefits, you typically need to file a federal income tax return (tax year 2023).

While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isn't the case. In reality, Social Security is taxed at any age if your income exceeds a certain level. When Does a Senior Citizen on Social Security Stop Filing ... TurboTax https://turbotax.intuit.com › ... › Retirement TurboTax https://turbotax.intuit.com › ... › Retirement

Taxes aren't determined by age, so you will never age out of paying taxes. Basically, if you're 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher.