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If you are 65 and on social security do you have to claim a part time job on your federal income taxes? |
If you are 65 and on social security do you have to claim a part time job on your federal income taxes? Yes you have to claim that income plus If you are a Single filer or Married Filing Separately and you did not live with your spouse, if one half of your Social Security plus all other income that appears on you return exceed 25,000.00 then a portion of your Social security will be tax able. If you are Married Filing Jiontly, if one half of your Social Securtiy plus all other income that appears on your return exceeds 32,000.00, then a portion of your Social Security will be taxable If you were Married Filing Separately and lived with your spouse even one day of the Tax year, You will have a taxable portion of your Social Security. In all scenerio's the maximum amount of your benefits that can be taxed is 85%, complete the worksheet in Pub 915. Publication 915 http://www.irs.gov/publications/p915/ind... Source(s): Internal Revenue Service 1-800-829-1040 Yes, but you will probably not pay any taxes Yes if the income was above the limit for having to file. That limit this year is $9700 if you're single, $17,900 if filing joint and spouse is under 65, or $18,900 for a joint filer where both people are at least 65. You don't count social security toward these limits. If your total income, not counting ss, is under these limits, then you don't have to file a return. But if anything was withheld for federal income taxes, you should file to get it refunded to you. Yes and your state also. Maybe. If you're over 65 and single, your earned income ceiling is $9,700 for 2006. If your part-time job pays more than that, you must file. Also, if one-half of your SS plus your earned income is $25,000 or more, part of your SS payments may be taxable. You'll need to complete a tax return to determine that, and file if any tax is due. Of course, if your income is below the filing limits but you had income taxes withheld, you must file to get those taxes refunded. Note: I'm not sure who gave Rob the thumbs down, but the answer is CORRECT and more complete than mine is. If you feel that our anwers are "thumbs-down" please have the courtesty to explain why you are giving the TD rating, either privately or in your own post. If you just like giving TD ratings, please just GO AWAY. |
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