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Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
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I am 70 and half, I am retired and collecting a Pension and ...

Customer Question

I am 70 and half, I am retired and collecting a Pension and Social Security checks. I also have IRA's in which I have to begin collecting the distribution by the end of this year. I havn't file a Tax return since I retired. But now I will be collecting the IRA's,    Do I have to file a Tax return each year?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

You will only have to file a return if your gross taxable income (excluding social security) including your taxable IRA distributions exceeds certain limits. If your filing status in 2008 is single then you only have to file a return if your gross income is $10,300 or more (if married filing jointly and your spouse is age 65 or older the income level is $20,000 or more).

See page 6 for 2007 filing requirements - http://www.irs.gov/pub/irs-pdf/i1040.pdf