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Ask Lane Your Own Question
Category: Finance
Satisfied Customers: 12030
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I receive $1500, plus $6731 from 3 past employers and I am

Customer Question

I receive $1500, plus $6731 from 3 past employers and I am disabled with no dependents. should I file an IRS tax return?
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
My $1500 income is from ss
Expert:  Lane replied 1 year ago.
Hi,...No. social security disability doesn't become taxable until 1/2 of it plus other income = 25,000....So here, we only need to consider the 6731....And with the standard deduction for a single filer being 6300, along with your personal exemption of 4000, this makes you "filing threshold" $10300....You have no REQUIREMENT to file.
Expert:  Lane replied 1 year ago.
However, because you had earned income you may be eligible for the earned income tax credit....You can click here: EITC Assistant and see if you qualify....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit…I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.