In 2006 my elderly mother-in-law had $6,000 in normal interest/dividend income, $5,000 in IRA withdrawals, and $12,000 in social security.
Do she have to file a federal or tax return? She lives in Minnesota.
2007-04-02 04:48:00 · 5 answers · asked by Born in Bost 1 in Business & Finance ➔ Taxes ➔ United States
http://www.irs.gov/pub/irs-pdf/i1040a.pdf pg 13
Single-over 65 and made 9700.00 (Not including Social Security).
Her IRA withdrawals are required to keep her from being penalized. Does she have withholding taken out of her IRA withdrawals?
http://www.taxes.state.mn.us/taxes/individ/residency_and_filing_status/age_65_or_older/senior_tax_%20issues.shtml
good luck & bless
2007-04-02 05:04:14 · answer #1 · answered by Wood Smoke ~ Free2Bme! 6 · 1⤊ 1⤋
Yes, she needs to file. The dividend and interest income as well as the IRA withdrawals are fully taxable and the combined amounts are above the filing threshold. She probably won't owe any tax on her SS income, however, as the rest of her income is low enough to avoid any tax on it.
2007-04-02 12:11:31 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 1⤋
The interest, dividends and IRA withdrawl put her over the limit for filing.
So...yes, she needs to file.
2007-04-02 12:06:54 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋
everyone is aquired by law to file an tax return on all forms of income regardless on what it is. You just have to report any type of income to the government.
2007-04-02 11:58:18 · answer #4 · answered by Rosie the Riviter 3 · 0⤊ 6⤋
if any taxes were taken out of her money than yes, if not then no
2007-04-02 11:55:04 · answer #5 · answered by ssljtesb 1 · 0⤊ 6⤋