I'm asking this question for my mother. She is a 71 year old retiree and is wondering if she made too much income between her pension, social security and investments last year and has to file a tax return - it's a little over $30,000 total.
2007-02-12 02:18:38 · 5 answers · asked by aduffy76 2 in Business & Finance ➔ Taxes ➔ United States
The income requirements for a retiree is the same as for everyone else. If their income exceeds their standard deduction and personal exemptions (given that a senior over 65 gets a higher exemption), then they are required to file. If your mom is also collecting social security benefits, a portion of her benefits may be taxable, given her income (not sure if you are including her social security payments in the $30,000).
2007-02-12 02:28:31 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
I am receiving social security disability do I Have to file state taxes? I live in oklahoma
2015-06-19 21:55:41 · answer #2 · answered by e 1 · 0⤊ 0⤋
She should be fine. Any earnings that have had deductions taken out, she'd want to claim, so she can retrieve those deductions.
The Social Security Office told my husband that he can earn up to $1,000 per month without loosing his social security benefits. Now whether that goes by States, or is a Federal law, I'm not sure. You only need to call your local social security office to find out.
As for investments, you only pay taxes on the amounts you withdraw at one time. Her investment company should be automatically taking out taxes for her, whenever she withdraws, to protect her from large tax deductions.
2007-02-12 02:32:30 · answer #3 · answered by Michelle C 4 · 0⤊ 2⤋
If her income not counting social security is over $9700, then yes she has to file. This is assuming that her filing status is single.
2007-02-12 17:14:42 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Someone who is single and over 65 and earning over $9,700 must file.
2007-02-12 03:20:39 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋