PDA

View Full Version : Do I need to pay taxes on Pention checks at 72 years old?


cody3797
Jan 16, 2013, 02:03 AM
I know I do not pay taxes on social Security , but on clear about pension income.
I have a small check of less than $200.00 a month. Do I pay taxes on that ?
I live in Michigan>

AtlantaTaxExpert
Jan 16, 2013, 06:02 AM
That $200 check is LESS than $2,400 annually. Unless you have other income sources, you probably have NO tax liability and will not even need to file a tax return.

MukatA
Jan 17, 2013, 04:47 AM
If SS benefits is your only income, it is not taxable.
A part of your social security benefits may be taxable if half of the SS benefits plus your other income exceeds the base amount. The base amount is $25,000 for single, head of household, married filing separately who did not live with the spouse in the year, and it is $32,000 for married filing jointly. For married filing separately who lived with the spouse any time in the year, the base amount is $0.

AtlantaTaxExpert
Jan 17, 2013, 09:16 AM
You explained it well, MukatA!