Financial Questions & Answers

My wife and I are both on Social Security with combined yearly checks totaling $30,828. I also receive a small pension from a previous job of $308 per month, as well as $500 per month from a part time job. I would like to know what my tax liability would be. My wife took early Social Security and is 62. I as well took early Social Security but will turn 66 in seven months. Please let me know, thank you. -Albert

Answer: 

We can’t do your taxes here! However, based on the limited information you’ve provided, we can give you some directional guidance. It appears as if you’ll probably have little to no tax liability. Since you likely file jointly and your income (including half of your Social Security) is less than $32,000, none of your Social Security will be included as income. This leaves other income of less than $10,000, which is less than the standard deduction and exemptions for a couple. You may even get a refund so don’t forget to file! And check with a tax professional or get some software to be sure.