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Started By
Message
another tax question
Posted on 2/7/12 at 12:18 pm
Posted on 2/7/12 at 12:18 pm
I'm retired and the only income I have is Social Security and $1600 off a saving acct. The way I'm reading the tax book I don't have to file an income tax return for Fed. or state(alabama). It'll be
1st time in 50 years I haven't had to fill one out
if that is true. Is it true?
1st time in 50 years I haven't had to fill one out
if that is true. Is it true?
Posted on 2/7/12 at 12:25 pm to hendrixfan
quote:
I'm retired and the only income I have is Social Security and $1600 off a saving acct. The way I'm reading the tax book I don't have to file an income tax return for Fed. or state(alabama).
Posted on 2/7/12 at 12:27 pm to TheHiddenFlask
I think those emoticons adequately describe my reaction as well.
Posted on 2/7/12 at 12:29 pm to Golfer
what did i do wrong? Do I have to file taxes?
Posted on 2/7/12 at 12:30 pm to hendrixfan
quote:
what did i do wrong?
Not save for retirement?
Posted on 2/7/12 at 12:35 pm to Golfer
Hell yea....got plenty money saved. 401k is still with company I worked for, and large saving acct.
Posted on 2/7/12 at 12:39 pm to hendrixfan
quote:
got plenty money saved. 401k is still with company I worked for, and large saving acct.
Posted on 2/7/12 at 12:52 pm to Golfer
quote:he made 1600 in a savings account...at 1% (which is generous for a savings acct) he has 160,000 put away in cash...he's ok
Not save for retirement?
Posted on 2/7/12 at 1:09 pm to Ford Frenzy
your correct sir. but do i have to file taxes when social security is my only income plus a little interest on saving? Plus the only bills I have total less than $500 a month and includes health insurance.
Posted on 2/7/12 at 1:12 pm to hendrixfan
You have to claim 15% of your Social Security and your 1099-Int. If that adds up to less than your deduction and personal exemption, the answer is no you don't have to file.
Posted on 2/7/12 at 1:17 pm to iknowmorethanyou
Thanks!! Where did you find the 15% of SS. I've been reading everthing but must have missed that.
Whew, just made it by $9....if true
Whew, just made it by $9....if true
Posted on 2/7/12 at 1:20 pm to hendrixfan
quote:if you had any federal tax withheld, you should file for a refund...other than that you won't owe any tax and I don't think you need to file
your correct sir. but do i have to file taxes when social security is my only income plus a little interest on saving? Plus the only bills I have total less than $500 a month and includes health insurance.
Posted on 2/7/12 at 1:29 pm to hendrixfan
Brain cramp! It's 50% of your SS and your 1099-int. LINK
Posted on 2/7/12 at 1:44 pm to hendrixfan
You don't wanna pay somebody $150+ to file your taxes just for the hell of it?
Posted on 2/7/12 at 4:29 pm to iknowmorethanyou
thats what i'm talking about
Posted on 2/7/12 at 6:00 pm to hendrixfan
The income threshhold depends on your filing status and your age, or ages in the case of married filing joint. The 2011 standard deduction for those 65 or older is $1,450 higher for a single taxpayer than for one less than 65. Also, did you sell your personal residence in 2011? If so, you can't exclude the gain from the sale for purposes of determining your filing requirement. You'd have to file the return reporting the sale and the Section 121 exclusion even if your gross income is less than the filing requirement.
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