Question: What are the IRS income tax filing requirements for seniors this year? I didn’t file a tax return the past two years because my income was below the filing requirements, but I got a part-time job late last year, so I’m wondering if I’m required to file this year. — Part-time Retiree
Answer:
Whether or not you are required to file a federal income tax return
this year will depend on how much you earned in 2017 and the source of
that income, as well as your age and filing status.
Here’s
a rundown of this tax season’s IRS tax filing requirement thresholds.
For most people, this is pretty straightforward. If your 2017 gross
income — which includes all taxable income, not counting your Social
Security benefits, unless you are married and filing separately — was
below the threshold for your filing status and age, you probably won’t
have to file. But if it’s over that threshold, you will:
• Single: $10,400 ($11,950 if you’re 65 or older by Jan. 1, 2018)
• Married filing jointly: $20,800 ($22,050 if you or your spouse is 65 or older; or $23,300 if you’re both over 65)
• Married filing separately: $4,050 at any age
• Married filing separately: $4,050 at any age
• Head of household: $13,400 ($14,950 if age 65 or older)
• Qualifying widow(er) with dependent child: $16,750 ($18,000 if age 65 or older)
To
get a detailed breakdown on federal filing requirements, along with
information on taxable and nontaxable income, call the IRS at
800-829-3676 and ask them to mail you a free copy of the “Tax Guide for
Seniors” (publication 554), or see IRS.gov/pub/irs-pdf/p554.pdf.
Check here, too
There
are other financial situations that can require you to file a tax
return, even if your gross income falls below the IRS filing
requirement. For example, if you had earnings from self-employment in
2017 of $400 or more, or if you’re receiving Social Security benefits
and half your benefits plus all other income, including tax-exempt
interest, exceeds $25,000 (or $32,000 if you are married filing
jointly), you’ll probably need to file.
To figure this out, the IRS offers an
interactive tax assistant tool on their website that asks a series of
questions that will help you determine if you’re required to file, or if
you should file because you’re due a refund. It takes less than 15
minutes to complete.
You can access this tool at IRS.gov/filing
— click on the “Do I Need to File?” button. Or, you can get assistance
over the phone by calling the IRS helpline at 800-829-1040. You can also
get face-to-face help at a Taxpayer Assistance Center. See IRS.gov/localcontacts or call 800-829-1040 to locate a center near you.
Check your state
Even
if you’re not required to file a federal tax return this year, don’t
assume you’re also excused from filing state income taxes. The rules for
your state might be very different. Check with your state tax agency
before concluding that you’re entirely in the clear. For links to state
tax agencies see Taxadmin.org/ state-tax-agencies.
Preparation help
If
you find you do need to file a tax return this year, you can get help
through the Tax Counseling for the Elderly program. Sponsored by the
IRS, TEC provides free tax preparation and counseling to middle and
low-income taxpayers, ages 60 and older. Call 800-906-9887 or visit IRS.
treasury.gov/freetaxprep to locate a service near you.
Also
check with AARP, a participant in the TCE program that provides free
tax preparation at around 5,000 sites nationwide. To locate an AARP
Tax-Aide site call 888-227-7669 or visit AARP.org/findtaxhelp. You don’t have to be an AARP member to use this service.
http://www.pressofatlanticcity.com/life/columns/savvy-senior-income-tax-filing-requirements-for-retirees/article_2cf66a08-1be2-5276-b47d-0077dc5508d8.html
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