2007-02-17 09:20:45 · 7 answers · asked by Gloria B 1 in Business & Finance ➔ Taxes ➔ United States
When your taxable income drops below the filing limit, a return is no longer required. If you're over 65, that limit was $9,700 for 2006.
If your only income is Social Security, it's not taxable so no return is required. If you have earned income and your earned income plus one-half of your Social Security exceeds $25,000 (as a single filer) part of your SS income may be subject to tax and you must file a return even if your earned income is less than the $9,700 ceiling.
There is no age limit for tax liability. Anyone with taxable income must file and pay, whether they're 1 year old or 110 years old.
2007-02-17 10:31:26 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I don't know about retirement, but I'm on SS Disability and don't have to file a tax return. The personal exemption and the standard deduction together exceed my taxable income. The IRS stopped requiring that information returns be filed some time back.
2007-02-17 17:32:54 · answer #2 · answered by Irish1952 7 · 0⤊ 0⤋
It depends on how much income you have, not on your age or retirement status. A retiree living mostly on social security, with little other income, does not have to file or pay taxes. But a retiree with a good pension, and maybe some investment income, would have to file and pay taxes. Limits where you have to file depend on filing status and on age - people 65 and over have a little higher limit than those under 65. For example, a married couple both 65 or over doesn't have to file if their income, not counting social security, is $18,900 or less.
2007-02-17 21:02:39 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
i am retired us army...i draw a government pension...i pay taxes on it until i die..if you draw income that is taxable...you must file....disability is a whole different animal
2007-02-17 17:29:46 · answer #4 · answered by Michael K 5 · 0⤊ 0⤋
NO...NO...The gov always wants a cut even from Soc.Sec
Your only "out" is to invest in ROTH IRA's ..that and "tax-free municipal bonds" are the only way you escape the clutches of your politicians who NEVER stop finding ways to spend YOUR money...." gotta help these people, gotta build this bridge..gotta give away this and that...the poor pig farmers need help...etc.etc"
All sounds so wonderful ( helping people and such.)..but it's just "Buying Votes"
2007-02-17 17:34:25 · answer #5 · answered by jebediabartlett 6 · 0⤊ 2⤋
I heard somewhere that when you are 100 or older you don't have to file
2007-02-17 17:24:38 · answer #6 · answered by Mee-Mee 3 · 0⤊ 1⤋
The year after you die.
2007-02-17 17:30:26 · answer #7 · answered by T J 6 · 0⤊ 1⤋