2007-02-03 10:25:44 · 3 answers · asked by rapturefuture 7 in Business & Finance ➔ Taxes ➔ United States
The exact answer depends on what deductions, if any you can claim, as well as you filing status. There are also some types of income that are not included for tax purposes. The only difference age makes is the amount of your standard deduction. If you are single, your standard deduction is $5150 if under 65 and not blind. If over 65 OR blind, the deduction would be $6,400. If over 65 AND blind, it is $7,650. Added to the $3,300 personal exemption, a 70 1/2 year old single who is not blind would need at least $9,700 of income before having a Federal income tax liability. If your filing status is not single, your standard deduction would be higher. Page 35 off the 1040 instructions has more details.
2007-02-03 12:06:23 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Your age is less of a factor than the about of your income.
2007-02-03 18:41:12 · answer #2 · answered by azohawk 3 · 1⤊ 0⤋
******' die first
2007-02-03 18:34:46 · answer #3 · answered by bonkers 2 · 0⤊ 2⤋