Dear Savvy Senior:What are the IRS revenue tax submitting necessities for seniors this yr? I didn’t document a tax go back the previous two years as a result of my revenue was once underneath the submitting necessities, however I were given a part-time task past due final yr, so I’m questioning if I’m required to document this yr — Part-time Retiree
Dear Part-time: Whether or no longer you might be required to document a federal revenue tax go back this yr is dependent upon how a lot you earned final yr (in 2017), and the supply of that revenue, in addition to your age and submitting standing.
Here’s a rundown of this tax season’s (2017) IRS tax submitting requirement thresholds. For the general public, that is beautiful easy. If your 2017 gross revenue – which incorporates all taxable revenue, no longer counting your Social Security advantages, until you might be married and submitting one at a time – was once underneath the brink for your submitting standing and age, you almost certainly received’t need to document. But if it’s over, you’re going to.
- Single: $10,400 ($11,950 in the event you’re 65 or older through Jan. 1, 2018).
- Married submitting collectively: $20,800 ($22,050 in the event you or your partner is 65 or older; or $23,300 in the event you’re each over 65).
- Married submitting one at a time: $four,050 at any age.
- Head of family: $13,400 ($14,950 if age 65 or older).
- Qualifying widow(er) with dependent kid: $16,750 ($18,000 if age 65 or older).
To get an in depth breakdown on federal submitting necessities, along side data on taxable and nontaxable revenue, name the IRS at 800-829-3676 and ask them to mail you a loose replica of the “Tax Guide for Seniors” (newsletter 554), or see IRS.gov/pub/irs-pdf/p554.pdf.
Check Here Too
There are different monetary eventualities that may require you to document a tax go back, despite the fact that your gross revenue falls underneath the IRS submitting requirement. For instance, in the event you had income from self-employment in 2017 of $400 or extra, or in the event you’re receiving Social Security advantages and part your advantages plus all different revenue, together with tax-exempt pastime, exceeds $25,000 (or $32,000 if you’re married submitting collectively), you’ll most certainly want to document.
To determine this out, the IRS gives an interactive tax assistant instrument on their web site that asks a sequence of questions that can assist you decide in the event you’re required to document, or in the event you must document since you’re due money back. It takes lower than 15 mins to finish.
You can get admission to this instrument at IRS.gov/submitting – click on at the “Do I Need to File?” button. Or, you’ll be able to get help over the telephone through calling the IRS helpline at 800-829-1040. You too can get face-to-face lend a hand at a Taxpayer Assistance Center. See IRS.gov/localcontacts or name 800-829-1040 to find a middle close to you.
Check Your State
Even in the event you’re no longer required to document a federal tax go back this yr, don’t suppose that you just’re additionally excused from submitting state revenue taxes. The regulations for your state may well be very other. Check along with your state tax company sooner than concluding that you just’re solely within the transparent. For hyperlinks to state tax businesses see Taxadmin.org/state-tax-agencies.
Tax Preparation Help
If you to find that you just do want to document a tax go back this yr, you’ll be able to get lend a hand in the course of the Tax Counseling for the Elderly (or TCE) program. Sponsored through the IRS, TEC supplies loose tax preparation and counseling to heart and low-income taxpayers, age 60 and older. Call 800-906-9887 or talk over with IRS.treasury.gov/freetaxprep to find a carrier close to you.
Also test with AARP, a player within the TCE program that gives loose tax preparation at round five,000 websites national. To find an AARP Tax-Aide web page name 888-227-7669 or talk over with AARP.org/findtaxhelp. You don’t must be an AARP member to make use of this carrier.
Send your senior inquiries to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or talk over with SavvySenior.org. Jim Miller is a contributor to the NBC Today display and creator of “The Savvy Senior” e-book.
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