Question

Jack (69) and Kendra (67) are married and will file a joint return. During the year, Jack received $9,000 in social security benefits, and Kendra received $28,000 in benefits. In addition, the couple earned $2,000 in interest income, and Jack, a retired military officer, received pension benefits totaling $73,000. How much, if any, of the couple's social security benefits are taxable

Answer 1

Answer:

- We assume the Tax year to be 2019

- Jack and Kendra are classified as Married Filling Jointly - 2019. If any of the clients have only Social Security benefits without any other taxable income,  then, there is no need for such clients to file a tax return.

Here, Jack and Kendra are retired couples and has no other source of income except the Social Security benefit (and the Military pension is not taxable). Also, the interest income is very less than the Standard deduction itself which is $27,000. So, none of the couples social security benefit is taxable for the tax year 2019.