my spouse and I are both 74 and 65 years old respectively and our SSS income is less than $19,000.00
2007-02-07 13:44:14 · 6 answers · asked by Belen S 1 in Business & Finance ➔ Taxes ➔ United States
I believe that an amount over 10.000 needs to be file regardless. I suggest you to consult with your Tax Advisor.
2007-02-07 13:49:41 · answer #1 · answered by FlowMaster 3 · 0⤊ 4⤋
If social security is your only income, then no it isn't taxable, and you don't have to file an income tax return.
For this year only, pick up a form 1040EZ-T and file it, if you had a telephone with long distance service anytime between 2003 and early 2006. It's about half a page long, and you'll get a $40 rebate on taxes paid. You can download the form at irs.gov, or can probably find one at your local library.
2007-02-07 21:50:20 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Only a certain portion of SS income is taxable. It's not treated like other earned income. Luckily, you don't have to pay medicare or SS tax on it as you do with wages. If you want money to be witheld you have to tell the SS administration.
2007-02-07 21:50:42 · answer #3 · answered by lmaroons1 1 · 0⤊ 3⤋
Your SS retirement is not taxable. If it's your only source of income, you do not need to file a return.
2007-02-07 21:50:31 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Go to www.irs.gov/efile to file for free online. It only takes a few minutes and you may even learn that you are entitled to a refund due to some 1-time Bush tax cuts (even if you paid no taxes).
2007-02-07 21:52:38 · answer #5 · answered by Cagey 2 · 0⤊ 3⤋
no..
nothing to file.
you don't owe nothing.
no reportable income.
2007-02-07 22:14:00 · answer #6 · answered by cork 7 · 2⤊ 0⤋