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We are retired ages 72 & 73 income is 46,200. Do we even…

We are retired ages...

We are retired ages 72 & 73 income is 46,200. Do we even have to file?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Ages 72 & 73 income 46,200. Do we have to file?

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Answered in 6 minutes by:
3/10/2018
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 5,764
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Age is NOT the deciding factor regarding whether you have to file a tax return.

Your income dictates whether you file a tax return or not.

What kind of income do you have? Social Security? Pension? Interest?

If you are married and file a joint return with a spouse who is also 65 or older, you must file a return if your combined gross income is $23,300 or more.

There are certain situations when seniors must include their Social Security benefits in gross income. If you are married but file a separate tax return and live with your spouse at any time during the year, then all of your Social Security benefits are considered gross income which may require you to file a tax return. In addition, a portion of your Social Security benefits are included in gross income, regardless of your filing status, in any year the sum of half your Social Security plus all other income, including tax-exempt interest, exceeds $25,000 or $32,000 if you are married filing jointly.

See the following which contains additional information you will find helpful:

https://turbotax.intuit.com/tax-tips/retirement/when-does-a-senior-citizen-on-social-security-stop-filing-taxes/L53Hx1v9W

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
We file jointly. We didn't have to file for the last two years.

I understand.

If the total of half of your Social Security PLUS all other income does not exceed $32,000, you do not have to file a tax return.

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Customer reply replied 1 month ago
Looks like we are under 32000. Thanks Barb!!

My pleasure.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 5,764
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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My pleasure.

Thank YOU for the positive rating of my answer. It is very much appreciated.

Have a great weekend!

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bkb1956
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 5,764
5,764 Satisfied Customers
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.

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