Your Tax Questions Answered
Senior Federal Taxes
Kiplinger editorial director Kevin McCormally and fellow tax experts Peter Blank and Mary Beth Franklin tackle your most pressing tax challenges.
April 23, 2009
QUESTION: I was told by some seniors that they do not have to file federal taxes anymore because they are on social security & have a small savings account is this true? I thought you file till you die. --CM
KEVIN ANSWERS: No, you don't have to file until you die.
You file only when you have enough income to require a return. The filing trigger point varies depending on filing status, age and the type of income you receive.
For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,900. However, self-employed individuals generally must file a tax return if their net income from self employment was at least $400. You can find all the trigger points in the instructions for the Form 1040: http://www.irs.gov/pub/irs-pdf/i1040gi.pdf
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Reader Comments (6)
Posted by: jodi at 04/06/2010 08:03:18 PM
if you earn $16,300 social security and 7,600 from late husbands pension plus $7,000 from interst of house sale are u required to file? And 79 years old.
Posted by: Georgia at 04/13/2010 06:21:31 PM
If you are retired and are on social security only, do you have to file a state return if your adjusted income is below a certain amount? I live in South Carolina and my adjusted income is approx $12,000. I can't get an answer from anyone. Please, could you help me?
Posted by: Malcolm Cummings at 06/08/2010 05:25:48 PM
Will there be increases in the 2011 regarding emplyer sponsored group health benefits? How about seniors on medicare. Will their taxes increase under the new healthcare law? Especially Title IX Revenue Provisions-Subtitle A:Revenue Offset Provisions- (sec 9001, as modified by sec.10901) Sec.9002
Posted by: Richard Killian at 06/11/2010 10:07:26 AM
I am retired in that I am collecting Social Security. Is there a maximum amount that I can earn with an employer before I must pay taxes on this Social Security Amount? Married max vs single max. Thanks
Posted by: Pam H at 06/21/2010 05:35:06 PM
I just heard that we may be taxed on our employer-supplied healthcare. That our W-2 sent by our employer will be increased to show the value of whatever health insurance we are given by the company. This is supposed to be part of Title IX Revenue Provisions - Subtitle A: Revenue offset Provisions. Is this true?? I can only imagine what $15,000 - $20,000 additional gross income will do to my tax debt. This is supposedly how the government is going to buy insurance for the 15% that don't have insurance and it's only part of the tax increases.
Posted by: Alan at 07/12/2010 06:30:40 PM
Re: Post by Malcolm Cummings at 6/8/2010: Is there a specific answer to the question posed in the subject post? If there is an answer, does it apply to retirees who receive medical insurance benefits as part of their retirement package and reprted as income on their 1099s- or does it apply only to those employed on their w-2.