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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29576
Experience:  Taxes, Immigration, Labor Relations
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I am 76 and haven't had to file Tax in the past

Customer Question

I am 76 and haven't had to file for Income Tax in the past 4 years. However, this year I had to take $2000 out of Mutual Funds to buy windows. Do I need to pay taxes on this?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
If that $2000 distribution your ONLY income besides social security benefits - you would NOT need to file.2015 Filing required for your age is gross income above $11,850and social security benefits are not included into gross income unless you have larger other taxable income.So if your income in 2015 are ONLY social security benefits plus $2000 from selling mutual fund shares - you are still not required to file and will not have any tax liability.Let me know if you need any clarification.
Expert:  Lev replied 1 year ago.
Expert:  Lev replied 1 year ago.
.I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.