Ask Social Security Questions and Get Answers ASAP
Hi. My name is ***** ***** I will be happy to help you.
Do you mean 1040? It depends on your filing status and your age.
Are you asking about minimum filing requirements? What do you mean with income tax form?
Ok. I see. What's you filing status and are you 65 or older?
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.
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.
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.
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.
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.
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.