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    cody3797's Avatar
    cody3797 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 16, 2013, 02:03 AM
    Do I need to pay taxes on Pention checks at 72 years old?
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

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