If on Social Security, over 60 years old, less than $4000. income, other than Soc. Sec.. Do I need to file tax returns this year? I'm allowed to earn $12,000. Is it necessary to file a tax return?
2007-03-02 12:54:10 · 8 answers · asked by grace 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you are a Single filer or Married Filing Separately and you did not live with your spouse, if one half of your Social Security plus all other income that appears on you return exceed 25,000.00 then a portion of your Social security will be tax able.
If you are Married Filing Jiontly, if one half of your Social Securtiy plus all other income that appears on your return exceeds 32,000.00, then a portion of your Social Security will be taxable
If you were Married Filing Separately and lived with your spouse even one day of the Tax year, You will have a taxable portion of your Social Security.
In all scenerio's the maximum amount of your benefits that can be taxed is 85%, complete the worksheet in Pub 915.
Publication 915
http://www.irs.gov/publications/p915/index.html
2007-03-02 13:35:42 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You are below the threshold to be required to file, but you may WANT to file anyway. For this year, for example, you can only get the telephone tax refund if you file a return, even if you owe no tax and have no taxable income! Yes, it really is a refund because you paid the taxes over the past 3 years on your phone bill. Not a scam. Check out the iRS website at www.irs.gov
2007-03-03 01:49:35 · answer #2 · answered by WealthBuilder 4 · 1⤊ 0⤋
Anyone who receives a certain amount of taxable income, other than social security, must file an income tax return. In your case you aren't required to file unless someone is claiming you as a dependent on their tax return.
You may want to file if you have had income taxes(federal or state) withheld from your pay. You may be entitled to a refund.
2007-03-03 05:16:05 · answer #3 · answered by taxman 2 · 0⤊ 0⤋
No, if that's all the income you have, you don't have to file unless that $4000 was from self-employment, then you would. If it's something like pension, interest or dividends, then no you don't have to file a federal return.
Be sure to claim the telephone rebate that's for this year only, though. You can claim it on a form 1040EZ-T - it's only about half a page, you can fill it out easily. For a one person household, the amount is $30, for two it's $40, for three $50, for four people or more, $60. You can download the form at irs.gov or pick one up at your local library.
2007-03-03 04:49:34 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No, you are not required to file a federal tax return. Your social security income is not taxable, and your other income is below your combined standard deduction and exemption amount.
2007-03-02 13:04:13 · answer #5 · answered by tma 6 · 2⤊ 0⤋
certain they're going to opt for to report a go back, no they gained't get it with out doing so, "Likewise, Social protection recipients, veterans and retired railroad workers who would no longer otherwise opt for to report a tax go back ought to do to be in a position to receive the commercial stimulus price."
2016-11-27 01:09:10 · answer #6 · answered by patti 4 · 0⤊ 0⤋
Yes.
Everyone with income needs to file a return.
If SS was your only income it'll take you all of four minutes to do your taxes! I envy that...
2007-03-02 13:00:45 · answer #7 · answered by Anonymous · 0⤊ 2⤋
WHAT IS THE STANDARD DEDUCTION FOR SENIORS AT 80 YEARS OF AGE
2015-03-30 13:44:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋