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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4050
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I am 74 years old. My only income is social security, $1459.00

Resolved Question:

I am 74 years old. My only income is social security, $1459.00 per month. Am I entitled to income tax credit or any other credits. I cannot do itemized since I do not have to pay any medical expenses except prescriptions amounting to approximately $800 to $1,000 per year. I also pay long term care insurance of $126.92 per month.
Submitted: 3 years ago.
Category: Tax
Expert:  Stephen G. replied 3 years ago.
Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

No. No credits would be applicable to your situation. You don't even need to file any income tax returns.

Please remember to "Accept", it is the only way we get credit for our work. Feedback, if you have time, and bonuses, where you think they are warranted, are always most appreciated.

I'll be happy to answer any follow-up questions you may have.
Customer: replied 3 years ago.

If I do not file a return, will I be contacted by IRS or my State of Virginia?

 

Expert:  Stephen G. replied 3 years ago.
No. There's nothing in your information that would trigger any correspondence from either the IRS or Virginia.

If your situation was similar last year & you filed a return you shouldn't have any tax due.

SEG

Customer: replied 3 years ago.

what is the age that you need to attain where filing is not required?

Also, what is the total income you can have and still not have to file?

Last year I filed, and in addition to the same social security amount I worked about 2-3 months and made approx. $3,000.00. The CPA had me pay self employment tax since no payroll taxes were deducted. I had to pay IRS a little over $600.00. Was this necessary?

Expert:  Stephen G. replied 3 years ago.
There is no age when that happens; I have had several clients paying taxes well into their 90s; my oldest 96.

The amount of income that you need to have varies with the type of income, so that isn't a straight-forward answer either.

Yes, if you weren't classified as an employee, then you would have owed self-employment tax on the $3,000. However, depending upon the actual amount of earnings the tax should have been in the range of $400.-$450.

Hope this helps.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4050
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 5 other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Thank you so much for the replys. I was getting ready to have my tax return prepared by some tax preparing office. I hope that they would have told me that I did not have to file. Anyway, whatever I did would have probably cost me more than this and I am very happy I came across your ad on the computer.

If I have any more questions I will be sure to contact your company.

 

XXXXX@XXXXXX.XXX

Expert:  Stephen G. replied 3 years ago.

Thanks, you can ask for me if you'd like; Steve G. should do it.

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