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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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my self and my wife collect social security, ...

Resolved Question:

my self and my wife collect social security, pensions are 6875.00,i also had an income from a part time job 14849.00. when i did our tax return i received all of my taxes back,2109.00.i am 72,my wife is 67.does thi mean we do not pay any taxes n the future?based on every thing staying the same.
Submitted: 9 years ago.
Category: Tax
Expert:  Merlo replied 9 years ago.


If the income that both you and your wife receive stays the same as last year, AND if the tax rates remain the same as they were last year, then it would be safe to say that you will not owe taxes in future years. However, there are already talks in Congress about amending the current tax rates, and once we have a new President in office, we are almost certainly going to see some type of adjustments made to the tax system. If changes are made to the current tax system, they may or may not affect you, but this is something you will need to check each year. Even if changes were made that would end up affecting your tax situation, I doubt that it would be significant as long as your income levels remained at what they are currently.

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