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Question

Do I have to file taxes?

Forum|Forum|1 year ago
January 27, 2025
1 reply
0 views

My only source of income is social security and $500. of bank interest. Do I have to file taxes? I am retired and 82 years old.

Not A Product Question

No. If your only income is social security and $500 in bank interest you are not required to file a tax return.

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Employee

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0

So, with only $500 of "other income" even the highest paid SS beneficiary would not be required to file a tax return.