TingoTaxRetiring? Your income may be taxed differently
Pensions, Social Security, and withdrawals can follow different rules. Review withholding and learn about the added deduction for some older adults.
Different income, different rules
Retirement can bring income from a pension, Social Security, and retirement accounts. Federal tax treatment is not the same for every payment. Identify each source and review its forms before preparing a 2026 tax-year return, generally filed in 2027.
Pensions, Social Security, and retirement accounts
A pension or annuity may be fully or partly taxable depending on how it was funded and whether you have after-tax contributions. Part of your Social Security benefits may be subject to federal income tax depending on your income and filing status. Traditional IRA and other plan withdrawals are generally taxable; a qualified Roth distribution may be tax-free for federal income tax purposes. Use the applicable Form 1040 worksheet or Publication 915 to figure any taxable Social Security benefits.
The senior deduction is a separate rule
For tax years 2025 through 2028, some people age 65 or older may qualify for an additional federal deduction of up to $6,000 per person. It phases out above certain modified adjusted gross income limits. This deduction has its own eligibility rules; it does not automatically make Social Security benefits tax-free. Check current eligibility and instructions before claiming it.
Review withholding during the year
Gather forms from each payer, such as SSA-1099 and 1099-R, and compare them with your records. The IRS Tax Withholding Estimator can help you review federal withholding. You can request voluntary withholding from Social Security benefits using Form W-4V. If withholding is not enough, estimated tax payments may be needed. State rules may differ.
Official sources and next steps
The IRS issued its retirement income reminder on October 27, 2026. Use the official links to check the version and tax year that apply to you; Publication 915 currently available is for 2025 and does not replace future 2026 instructions. TaxSentry.us, an independent sister product, lets you explore tax questions with sources. Follow @tingotax for clear guides. TingoTax is independent of the IRS. Published November 1, 2026.