Is that rule/law still in effect? if you live past 72 you are exempt from paying income tax? or do I remember it incorrectly?
2006-11-17 06:52:36 · 7 answers · asked by worldstiti 7 in Business & Finance ➔ Taxes ➔ United States
Some time ago, when you reached 72, your social Security benefits would no longer be effected by income from other sources. That is no longer the case. It has never been that income tax is no longer paid at any give age. You do get an additional exemption amount based on being over 65.
2006-11-17 11:07:18 · answer #1 · answered by ? 6 · 0⤊ 0⤋
I've never heard that rule, but it is incorrect. I do plenty of tax returns for people over 72. They usually have little or no income so they pay less tax, but they are by no means exempt.
2006-11-17 06:54:40 · answer #2 · answered by Dana B 2 · 2⤊ 0⤋
No you pay taxes till your dead and beyond. But when you are 72 you can no longer put money into an IRA and get a tax shelter. You may be taxed at a different rate depending on your income.
2006-11-17 06:55:55 · answer #3 · answered by Anonymous · 1⤊ 1⤋
It never was true. The closest I've ever heard of is that you can no longer contribute to an IRA or other tax deferred account. You actually have to pay extra taxes if you don't withdraw the required amount from such accounts.
2006-11-17 14:18:30 · answer #4 · answered by STEVEN F 7 · 2⤊ 0⤋
Guess what! In America, you pay federal income tax for the rest of your life. There ain't no free lunch.
2006-11-17 06:56:40 · answer #5 · answered by senior citizen 5 · 2⤊ 0⤋
my dad is 85 and pays taxes. as long as you have an income even if its just a pension and social security its considerd an income..
2006-11-17 06:55:27 · answer #6 · answered by cat17 2 · 2⤊ 0⤋
LMAO!!!!
That was a good one!
The government could not care less how old you get; they just want your money!
"Whew"...stomach hurts from laughing so much.
Thanks.
2006-11-17 06:55:34 · answer #7 · answered by Anonymous · 2⤊ 0⤋