Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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?

Show More
Show Less
Ask Your Own Finance Question
Answered in 6 minutes by:
3/10/2018
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,355
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
Verified

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

Ask Your Own Finance Question
Customer reply replied 4 months 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.

Ask Your Own Finance Question
Customer reply replied 4 months 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: 6,355
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
Verified
bkb1956 and 87 other Finance Specialists are ready to help you
Ask your own question now

My pleasure.

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

Have a great weekend!

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask bkb1956 Your Own Question
bkb1956
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,355
6,355 Satisfied Customers
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.

bkb1956 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I'm 64 My husband just retired. He's 72. I still work. Am I
I'm 64 My husband just retired. He's 72. I still work. Am I eligible to receive spousal social security and not collect my own yet. Is the tax liability too high? I make Gross 85,000 … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need to know if I can get help with paying for my
I need to know if I can get help with paying for my prescriptions … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I was terminated recently at almost 54 years of age. I have
I was terminated recently at almost 54 years of age. I have a company pension that I may receive in a lump sum payment. Can I roll over this into an IRA without paying taxes? Secondly - if I withdraw … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,129 satisfied customers
I am in Texas and I need a tax atty or CPA to set up a table
I am in Texas and I need a tax atty or CPA to set up a table for substantial equal withdrawals from my IRA. I need it for 5 years and I am 56. I suppose this can be done by anyone since it is federal.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My gh school class has exactly 200 members still alive.
My high school class has exactly 200 members still alive. For all practical purposes we are all 73 years old. What is the expected number of this group who will survive until our next reunion in 5 yea… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am 74, getting SS benefits, and income from SEP-IRA, which
I am 74, getting SS benefits, and income from SEP-IRA, which I had as private practitioner. Retired at age 65. I am helping another dentist by working 1.5 days per week on average. I am working as his… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Considering new home purchase: Our ages are 76 & 73, very good
Considering new home purchase: Our ages are 76 & 73, very good health, annual income $51k total assets $850K Price of home $660K Cash purchase, brand new home with builder warranties. $100k to do all … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My husband is 73 and I was 70 in October last year. We get
My husband is 73 and I was 70 in October last year. We get most of our retirement income from a commercial rental and previous IRAs. Can we add to our existing IRAs or open new ones and take the deduc… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My Swiss husband, 73 years, receives a retirement pension from
My Swiss husband, 73 years, receives a retirement pension from Switzerland, where he has always lived and worked. I, English, 76 years, receive a retirment pension from Switzerland also, where I have … read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
I am 72 and still working full time and am available for a
I am 72 and still working full time and am available for a match for a 401K. since I am too old to to do normal contributons, and because my emplower offers a match, how should I handle this?… read more
WebCPA
WebCPA
Manager
Bachelor's Degree
62 satisfied customers
I have a Government Civil Service Retirement and also Social
I have a Government Civil Service Retirement and also Social Security Retirement benifit based on the WEP (Windfall Exclusion Provision).. My Social Security benefit is $962 per month. My wife Social … read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I am retiring in a month at age 72 from a full time tenured
I am retiring in a month at age 72 from a full time tenured professorship and have been offered the opportunity to teach an online course for the same university in Kansas for a small adjunct stipend … read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
I am about to retire from govt service 26 years; I am 73 years
I am about to retire from gov't service 26 years; I am 73 years old my wife is 74 we are in fair health. I need help with my tsp and my investments? Do you have a Houston location?… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
hi, my husband is switching jobs. he needs to withdraw his
hi, my husband is switching jobs. he needs to withdraw his 401k and put into a new one. right before he got this job i lost mine. i returned to work this week, but was out for 12 weeks. we have not be… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
My wife has a 401k from a previous employer but is now a stay
My wife has a 401k from a previous employer but is now a stay at home mom, what is the best thing to do with the 401k funds?… read more
JKCPA
JKCPA
CPA
Bachelor's Degree
844 satisfied customers
I am 72 and drawing SS and my wife is approaching 66 and not
I am 72 and drawing SS and my wife is approaching 66 and not drawing SS yet. We are both self employed and want to know if there is a way to invest out SS income so that it is tax free or defferred.… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My wife and I are retired, wife 69, myself 73. We have an
My wife and I are retired, wife 69, myself 73. We have an annuity that will mature in three years. It has been suggested that we annuities this investment. Doing so will increase our annual income by … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Would you advise me to take all my money out a retirement plan I
Would you advise me to take all my money out a retirement plan??I am 72 years old and with votile market ad can't wait for it to recover… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x