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Question on tax witholding from SS benefits

  1. #16
    Join Date
    Apr 2017
    Location
    georgia
    Posts
    523
    i havent filed income tax return in years they told me i didnt have to file that i didnt make enough

  2. #17
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    8,865
    Quote Originally Posted by Colleen View Post
    Butterfly...used the link you gave and, unfortunately, we do not qualify to NOT file. We make too much money...HA!
    I used 2017 figures so nothing will change with those figures for next year either. I don't know how rkunsaw does not file and Marie5656 might not have to file either! I'm confused.
    You might want to run the thing again. I made the mistake the first time through of entering my social security into the first "income" place; however, I should have entered there only income that is NOT social security. There is a box later on which asks for your social security income. As I said earlier, social security is treated differently for taxable purposes than regular income.

    I have not had to file since I retired -- and the first few years I consulted with my old CPA just to make sure. I do not know anyone who has only social security income who is required to file a tax return, unless they have taken a large distribution from an IRA. And since you are getting all your withholding back, I wonder why you have to file.

  3. #18
    Join Date
    Apr 2014
    Location
    Arizona
    Posts
    231
    Quote Originally Posted by Butterfly View Post
    You might want to run the thing again. I made the mistake the first time through of entering my social security into the first "income" place; however, I should have entered there only income that is NOT social security. There is a box later on which asks for your social security income. As I said earlier, social security is treated differently for taxable purposes than regular income.

    I have not had to file since I retired -- and the first few years I consulted with my old CPA just to make sure. I do not know anyone who has only social security income who is required to file a tax return, unless they have taken a large distribution from an IRA. And since you are getting all your withholding back, I wonder why you have to file.

    I ran the figures again and it still tells me we need to file. We have a pension for both of us so that's what puts us over the top and our SS is much more than the max ($23,300) to not file. Would be nice not to file but......

  4. #19
    Join Date
    Jan 2013
    Posts
    3,331
    Colleen, If you don't owe taxes you don't have to file. From your post I assumed you were only filing to get back what you had paid in. If that is the case the you can quit having anything withheld and you won't have to file to get it back.


    In my case we are living on our pensions and SS and still have extra to invest. If I ever have to start cashing in my investments then I will have to pay taxes on that
    I came into this world with nothing and I still have most of it.
    Larry

  5. #20
    Join Date
    Apr 2014
    Location
    Arizona
    Posts
    231
    Quote Originally Posted by rkunsaw View Post
    Colleen, If you don't owe taxes you don't have to file. From your post I assumed you were only filing to get back what you had paid in. If that is the case the you can quit having anything withheld and you won't have to file to get it back.


    In my case we are living on our pensions and SS and still have extra to invest. If I ever have to start cashing in my investments then I will have to pay taxes on that
    According to IRS, our tax due would be $890 for 2017. Since we had $3300 taken out between our pension and SS, we get a refund for the difference. My husband's pension sends us a letter every January and says if we are receiving more than $1700/mo., we should be withholding at least 10%, so we do.

    Next tax year, I'm going to consult a tax consultant to make sure what the "new" rules are going to be.

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