If you receive Social Security benefits and have no other sources of income, you may not have to file a federal income tax return. The Internal Revenue Service (IRS) sets income thresholds each year, and if your income is below that threshold, you don't need to file a tax return.
For the tax year 2021 (the return you will file in 2022), a single individual under age 65 must file a tax return if their gross income exceeds $12,550. For someone over age 65, the threshold is $14,250.
However, if you have additional sources of income, such as income from investments or a part-time job, you may need to file a tax return even if your Social Security benefits are your primary source of income.
Additionally, there are 13 states that tax Social Security benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. In those states, your Social Security benefits may be subject to state income tax, regardless of whether you're required to file a federal income tax return.
It's always a good idea to consult with a tax professional or an attorney if you're not sure whether you need to file a tax return. They can help you understand the rules and regulations and ensure that you stay in compliance with all applicable laws and regulations.
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