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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10097
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I was disabled in 1986 and have not filed taxes since then

Customer Question

I was disabled in 1986 and have not filed taxes since then .was I supposed to file taxes .
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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You MAY have no need to file at all.

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If he only income you receive is Social Security Disability, then it's possible that you are below the income level where any of that would be taxable

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And even then, if the taxable PORTION is below the filing threshhold (the standard deduction plus the personal axamption that everyone gets) you may STILL not have needed to file.

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Expert:  Lane replied 1 year ago.

Fist you have to be familiar with the term "Combined Income"

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Combined income is 1/2 of your social security benefit plus other income in the household

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And if you file a federal tax return as an "individual" and your combined income* is under 25,000 then NONE of it is taxable, so there would be no need to file.

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And again, if some of it IS taxable, that taxable amount would have to be over the "filing threshhold," (the amount of the standard deduction plus the personal exemption, (10,300 for a single filer in 2015) before you'd have any TAXABLE income... hence, any need to file.

Expert:  Lane replied 1 year ago.

Your answer to the lender should be (if you do fit the description I've given, above) that you didn't have enough TAXABLE income to need to file ... but thhat doesn't MEAN that you don;t have income enough to service the loan.

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Let me know if you have questions

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Lane

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If this HAS helped, and you don’t have additional questions, your positive rating … (by clicking or touching the stars or smileys on your screen) … would be appreciated!That’s the only way I'll be credited a portion of what you've paid.

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Expert:  Lane replied 1 year ago.

Hi,

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Just checking back in

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Did you see my answer?

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Let me know...

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Lane

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