There is no exemption from taxes based on age on a federal tax return. Some states have retirement income exclusions.You do receive an extra amount added to your federal standard deduction if you are age 65 or older. Standard deductions for 2017 Single - $6,350 add $1,550 if age 65 or olderMarried Filing Separately - $6,350 add $1,250 if age 65 or olderMarried Filing Jointly - $12,700 add $1,250 for each spouse age 65 or olderHead of Household - $9,350 add $1,550 if age 65 or older

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How much annual earnings are tax exempt for persons 67 years of age or older?

Forum|Forum|7 years ago
June 6, 2019
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Best answer by xmasbaby0

Up to 85% of your Social Security benefits can be taxable. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920) After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly.

To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

Some additional information: There are a few states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana,Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.

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xmasbaby0Answer

Employee

Up to 85% of your Social Security benefits can be taxable. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920) After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly.

To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

Some additional information: There are a few states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana,Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.

**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.**

Hal_Al

Employee

The only thing that changes, about thge amount of your income subject to tax, at age 65, is a slightly higher standard deduction. Other than that, you are subject to the same income tax rules as everybody else.

There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it.