At what age and income level can one stop filing a tax return?

Question

(I am 67 yrs old, single, a renter, living off Soc.Sec. and a small pension. Have not paid any taxes in the past five years.)

I have not owed taxes in the past five years, but I still filed. I do not owe taxes for 2006, (and don't anticipate owing ever again!). Do I still have to file?

Answer 1

You probably do not have to file a return - your income level and exemptions (over 65) - are probably low enough that you do not owe federal income taxes. If FIT is being taken from your small pension check, however, you must file to get your refund. You should also notify the company to stop withholding.

Check out Publication 501 on the IRS.gov website to determine whether you need to file or not.

Answer 2

When you say "haven't paid any taxes...", do you mean you haven't filed a return in the last five years?

There's no age at which you stop filing. You just need to check your income and the tax rules every year to determine if you need to report any of your income.

According to the IRS, for 2006 if half of your SS benefits (from 1099-SSA) plus your pension and other income (interest, dividends) is less than $25,000, all of your SS benefits is non-taxable. If it's over that threshold, you'll have to dig further to determine what portion of your benefit is taxable, thus having to file a return.

Answer 3

Yes, you still have to file.

GOD bless.