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emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3123
Experience:  Tax adviser IRS licensed Enrolled Agent and tax instructor
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How much should we earn before we are required to file a

Customer Question

how much should we earn before we are required to file a 1044 ?
Submitted: 4 months ago.
Category: Social Security
Expert:  emc011075 replied 4 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Do you mean 1040? It depends on your filing status and your age.

Customer: replied 4 months ago.
an income tax form?
Expert:  emc011075 replied 4 months ago.

Are you asking about minimum filing requirements? What do you mean with income tax form?

Customer: replied 4 months ago.
minimum filing requirements ~ When I added income tax form I was trying to clarify the first quest where I use 1044. I was not sure that was the clearest way to ask my question.
Expert:  emc011075 replied 4 months ago.

Ok. I see. What's you filing status and are you 65 or older?

Customer: replied 4 months ago.
I am 70 years old & my husband is 63. He is a 100% Disabled Vet and is VA Disability income is nontaxable. So the only taxable income we have would be our 2 Social Security checks.
Expert:  emc011075 replied 4 months ago.

If your only income is social security income you do not need to file a tax return unless you combined social security is in 75K range. You do not have taxable.

Expert:  emc011075 replied 4 months ago.

Any questions? Up to 85% of your social security could be added to taxable income depending on your other income. But if social security is your only income, amount bellow 64K will be excluded from taxable income. In addition, you would have to have at least 21K in taxable income (amount over 64K) to be required to file a tax return.

Customer: replied 4 months ago.
Thank you ! When I read the tax form instructions that what I thought I had read. However, In my fathers mind ( when He was alive) EVERYONE had to file. It was part of being a good citizen. Now my other question about obtaining Notice of Award letter for each of us. Our home was purchased for cash. We now need the money. I have breast cancer, a torn rotate cuff, bad teeth and kidney stones. The medical bills we can cover it is the 500 mile (round Trip) drive, motel & food bills to obtain treatment that have caused us to hit bottom again .
Customer: replied 4 months ago.
are you saying the proceeds from the loan could be taxable if be borrowed a large sum? We had intended only $20,000. We didn't want any more than we absolutely needed.
Expert:  emc011075 replied 4 months ago.

The IRS allows you deduct standard deduction and one exemption for each of you. If your total income is less than the standard deduction + one exemption for each of you your taxable income will be 0. You can file, there's nothing wrong wit that but you are not required unless you owe penalty (early distribution for instance) your you have self employment income.

A loan is NOT income for tax purposes. This includes personal loan or a mortgage. You do not need to include the amount of the loan in your taxable but you will not be able to deduct your repayments. In case of a mortgage, you do not include the mortgage and you do not deduct repayment of the principle. You can only deduct the interest (income to the bank).

You also do not need to file a tax return if you take out loan or mortgage.

Customer: replied 4 months ago.
mike is not self employed in any form. The only other money I earn is occasionally I sell one of the economic development books I wrote on eBay or amazon & once in awhile I sell a rare book from my collection. Total per year has never gone over $500. My books are beginning to be way out of date with the economic model changing so will not sell any more after this year.
Expert:  emc011075 replied 4 months ago.

Do not worry about occasional sale. It would not be considered a hobby taxed as ordinary income, not self employment income and $500 is way bellow the filing requirements.

Customer: replied 4 months ago.
Will you be emailing or faxing the 2 award letters to me?
Expert:  emc011075 replied 4 months ago.

You have to contact the social security or log in into your online social security account to download the letter. I do not have access to your account.

Customer: replied 4 months ago.
I am sorry that was my original question & that is why I was originally transfered to your site.
Expert:  emc011075 replied 4 months ago.

I do not know who transferred you here but this is not social security Administration. I can help you but have no ability to directly access social security's confidential information SSA have for you.

If you already don't have it you can create your user name and password here to access your social security file.