Feb 13, 2010 from
Anonymous
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$0.00
i am on social security and have a retirement income and i am over 70 years old do i have to claim my s.s income on federal tax
I've already tried...
Answers
About the Expert
Paul Thode has many years of experience preparing taxes. In addiion he has many years of accounting experience, ranging from Assistant Controller to Chief Financial Officer of a publicly traded company. He has a Bachelors in Managerial Economics from the University of California, Berkeley. He has a Master's in Accounting from Golden Gate University. He has an MBA in Finance from Golden Gate University. View Profile
It depends on how much your total income is.
There is a formula for calculating this on the IRS website, or you can get an IRS booklet and there is a page that covers this.
http://www.irs.gov/pub/irs-pdf/p17.pdf
page 86 has the form
if taxable, from 50-85% would be taxable
Paul
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