Understanding My Tax Return: A Simple Guide for Retirees

Filing taxes doesn’t stop when you retire—it simply changes. Instead of wages and withholdings, your return may now include Social Security benefits, pension income, IRA or 401(k) withdrawals, and investment earnings. Understanding My Tax Return: A Simple Guide for Retirees is designed to help you see how these moving parts come together and what they mean for your financial picture.

This handout highlights the most common sections of a retiree’s tax return and explains them in plain language. You’ll learn how different types of income are reported and taxed, when distributions from retirement accounts could trigger penalties or extra taxes, and how credits or deductions may still apply to your situation. With Social Security, for example, only part of your benefit may be taxable depending on your overall income—a detail that often surprises retirees.

By understanding your tax return, you gain clarity on how your income streams interact and where planning opportunities exist. Strategic withdrawals, charitable giving, or timing your income can reduce taxes and extend the life of your retirement savings. This isn’t just about filing accurately—it’s about making informed choices that support your lifestyle and legacy goals.

At LynnLeigh & Co, we believe retirees deserve peace of mind, not paperwork stress. This guide will give you the knowledge to read your return with confidence, spot opportunities for tax savings, and plan with purpose. Retirement is about enjoying the life you’ve worked for—and understanding your taxes is one more way to make sure your money works for you.