Originally Posted by DonnaW1955
You may owe taxes, it depends upon what kind of a pension you and/or your spouse receive. Some of my DH's pension is taxable, it's the annuity and it is a whopping $610 a year, since his SSDI and his pension are his only income we do not have to file. Put we did file up until I stopped working, we still filed then just to get back what I paid in, I never saw it as negative because we always got something back
I don't have a pension. I do have an IRA and 401K that I do not
take $$ from, yet. Hubby is still working. I worked part time contingent at several jobs, for years so I could have my summers off. The type of work I did, led to poor vacation time, and even if I were eligible for 4 weeks they'd never let me have it all at once. So I just saved money and invested my own, instead of a pension. I do get some income reinvested from my investments, but they are modest. I haven't needed to dip into those yet.
Hubby typically uses TurboTax and he is going to start soon, and see if there is an answer there. The tax accountants he knows, have been vague about answering this question. Every year the tax laws seem to change anyway...
The standard answer we have so far is that filing joint, confers more benefits than if I filed separately with my low income. But I expect those rules will change soon.