Retirement Tax Tips

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When Does a Senior Citizen on Social Security Stop Filing Taxes?
The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amount. These filing rules still apply to senior citizens who are living on Social Security benefits. If you are a senior, however, you don't count your Social Security income as gross income. If Social Security is your sole source of income, then you don't need to file a tax return. Read more…

What Is the Savers Credit?
The Savers Credit gives a special tax break to low- and moderate-income taxpayers who are saving for retirement. Read more…

When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc.
You should receive a copy of Form 1099-R, or some variation, if you received a distribution of $10 or more from your retirement plan. Read more…

Boost Your Retirement Savings
For most taxpayers, saving for retirement is the best way to lower your taxes and to build a sizeable nest egg. TurboTax will help you take advantage of the tax deductions related to saving for your retirement. Read more…

Video: Do Social Security Income Recipients Pay Income Taxes?
You would think that when you finally retire and start collecting Social Security that you no longer have to pay income tax. But this isn't always true. Watch this video to find out more about income taxes for those on Social Security. Read more…

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Retirement Tax Tips

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