Question

My only income is social security but I own a home where I pay interest and mortgage insurance. Should I file taxes?

Forum|Forum|7 years ago
June 1, 2019
4 replies
0 views

No text available

TurboTax Deluxe Windows

It's likely there will be no tax liability since social security is your only income. In that case you would receive no benefit by using your mortgage interest and property taxes.

The social security income is used in combination with your other income to make that determination. Income such as interest from savings, dividends, capital gains/losses, etc.

If the first threshold of $25,000 for single ($32,000 for married filing joint), is met then some of your social security benefits will be taxed. The amount of other income plus half of your social security benefits are combined to determine exactly how much of it is taxed, but never more than 85%.

TurboTax will do all the calculations and determine if any of your benefits are taxable. The filing requirement chart is attached for you to review if you choose.

You can go directly to the area to review your entry by following these steps.

1. Sign into your account and select your current return.

2. Select My Account on the top right and then select Tools

3. Select Topic Search (see attached image)

4. Search for ssa1099 and select Go

5. Follow the interview to enter or review your entry for these benefits.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

B

byang002Author

My son also lives with me and helps pay for the bills. If he claims me, then can he also claim the mortgage interest, PMI, & property taxes which is under my name?

S

sdonnelly12

My son also lives with me and helps pay for the bills. If he claims me, then can he also claim the mortgage interest, PMI, & property taxes which is under my name?

Help

My only income is social security but I own a home and pay property taxes and have mortgage interest. Do I need to file.

DoninGA

Employee

@ydmxr09 wrote:

My only income is social security but I own a home and pay property taxes and have mortgage interest. Do I need to file.

The property taxes paid and mortgage interest paid are itemized deductions but are not a factor if your Only income reported on your tax return is from Social Security benefits.

If the Social Security benefits are the Only income to be reported on the tax return, then there is no reason or need to file a tax return.

R

rosaaaguirrer

@DoninGA My in-laws both get social security as their only income and pay interest, property taxes, and mortgage insurance. Is there a max amount they can both get before it is taxable? Just want to make sure they do not have to file taxes anymore.

(they used to file jointly and stopped filing taxes in 2016)

Thanks in advance.

J

Jeffffwarren

My only income is my SSDI. I own a home. Can I somehow deduct the interest?

2) My 86 year old mom lives with me and am her caregiver. Can I get a deduction for being a caregiver since her and I are on either SSI or SSDI?

Thank you

Jeff

X

xmasbaby0

Employee

Sorry---but if you did not pay any tax then you have nothing to deduct on a tax return. If your only income was Social Security you do not need to file a tax return. Are you being paid in some way to be a caregiver?

Did you and your mom receive the stimulus checks? If you get Social Security it should have been sent to you automatically.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**