Can I 53 widow who is on social security benefits and I just started getting my deceased spouse in Dec 2023 what is the amount that I have to make a year to file taxes
Can I 53 widow who is on social security benefits and I just started getting my deceased spouse in Dec 2023 what is the amount that I have to make a year to file taxes
Social Security is not taxed unless your income reaches a certain threshold.
Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. .
For those with additional sources of income, the key figure is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status ($32,000 for Married Filing Jointly or $25,000 for all others), at least part of your Social Security income becomes taxable. The taxable portion of your Social Security income increases once you reach additional MAGI thresholds.
Your MAGI (modified adjusted gross income) is your AGI plus certain deductions you must “add back.” These deductions include IRA contributions, student loan interest, one-half of self-employment tax, qualified tuition expenses, and more.