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I am a 66 yr. old female. I have have several accts,

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Hi, I am a...

Hi, I am a 66 yr. old female. I have have several accts, savings, checking, IRA and also received death benefit from my husband and would like to know if I have to claim the interest on any of these accts. Thank You

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Hi. I am a 66 yr. old female, widower. I have several accts, savings, checking, IRA and also have a death benefit from my husband and would like to know if I have to claim the interest on any of these accts. thank you.

Submitted: 1 month ago.Category: Tax
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Answered in 1 minute by:
1/7/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,543
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

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, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

There are two pieces, issues, that must be calculated to see if you need to file a tax return.

...

(1) What is taxable, and

(2) Whether you have enough TAXABLE income to need to file a return and report the taxable income

...

  • Life insurance proceeds are not taxable (a death benefit from a life insurance policy)
  • A survivor's pension that pays monthly is taxable
  • Interest is taxable
  • Selling something for more that your basis in it, is taxable, a capital gain.
  • interest inside IRA is not taxable but taking the money out (becasue those dollars have never been taxed), called a distribution, IS taxable
  • Social Security is taxable under a formula

...

Social Security taxation formula:

No one pays tax on more than 85% of their social security.

If 1/2 of your Social Security plus your other taxable income is ...

  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable.

...

The second issue, again, is the filing threshold:

...

For a single filer, the standard deduction for 2017 is $6350 and the personal exemption is $4050.

...

So your taxable income must be (6350 + 4050) = 10400 before you have enough taxable income to file a return.

...

So it's VERY possible that you don't need to file a return ...

...

If you'd like to tell me the numbers (how much you get in Social Security, how much interest you have in non-IRA accounts, whether you took any money out of the IRA in 2017, and whether the death benefit you mentioned is life insurance payout or something else ... I can give you a specific answer.

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