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I need to know at what income level am I required to file. I…

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I need to know...

I need to know at what income level am I required to file. I have a litle part time job and social security. In advance, thanks! Mike

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

1040 per month ss, part time job 500/mth.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Still waiting.....

Submitted: 5 months ago.Category: Tax
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11/22/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,026
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi Mike. My name's Lane. Looks like no one's picking this up. I can help here.

- I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

First, I wanted to be sure that your Social Security wasn't taxable. It's not. See this:

...

Social Security Taxation - IRS Publication 915

1Total Social Security benefit$12,480

2One-half of line #1$6,240

3Adjusted Gross Income items (without 'adjustments')$6,000

4Add back tax-free interest$0

5Add lines 2,3 and 4$12,240

6Adjustments (deductible IRA contributions)$0

7Subtract line 6 from line 5$12,240

8MAGI base amount$25,000

9Subtract base amount (line 8 from line 7)$0

10Enter factor based on filing status$9,000

11Subtract 10 from 9 (min = 0)$0

12Enter the smaller of line 9 or line 10$0

13Enter one-half of line 12$0

14Enter the smaller of line 2 and line 13$0

15Multiply line 11 by 85% (min = 0)$0

16Add lines 14 and 15$0

17Multiply line 1 by 85%$10,608

18Enter the smaller of line 16 or 17$0

Taxable Social Security benefit $0

Percent of Social Security benefit subject to taxation 0%

Estimated taxes due $0

...

That means that your only TAXABLE income would be the 500/month ... and that is below the filing threshhold for a single filer (6350 standard deduction plus one $4,050 personal exemption).

...

So you have no need to file at all UNLESS you are having taxes withheld from the part time job. You would need to file in that case to show no taxable income and get the withholding back in a refund.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

...

But again, if you need more on this, please let me know.

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Hi, Lane here.

...

I’m just checking back in to see how things are going.

...

Did my answer help?

If so, I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

But if you need more on this please let me know

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,026
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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