I’m retired and over age 65 – what taxes do I owe?
This is a complex question that varies depending on your income. If you earn social security alone, then you don’t owe taxes nor do you have a tax filing requirement.
However, if you have a pension, interest income, stocks or bonds, an annuity, capital gains or are still working part-time, then you will need to fill out a tax return and pay your share of tax. Up to 85% of your social security may be taxable depending on your other income.
As a resident of Pennsylvania, social security is not taxable to state tax and if you’re over 59.5 years of age or of retirement age for your profession then your pension is not taxable to PA tax either.
If you are over 65 years of age or permanently disabled, you may qualify for a rent or property tax rebate depending on your income.
If you have additional questions, please reach out to your local tax professionals at Meadville Tax Service for your free consultation at 814-333-2488 or email@example.com.