One last greatest hits post before new posts resume on Monday the 5th.
This post from January 2012 remains popular 3 years later. There’s apparently something going around where people think they can stop filing taxes once they reach age 72. As this post points out, this is simply not true
Originally published January 14, 2012
Twice in the last month Google has led people searching for “Do I have to file a tax return after I turn 72?” to this site. The search engine is linking folks to a story I ran in November about a Tax Court case where the Court ruled against a man who stopped filing tax returns when he turned 72 years old.
To answer the question: YES, you have to file a tax return no matter how young or old you are … if your income exceeds certain levels.
As I wrote in my November story:
(A) single person over age 65 does not have to file a tax return unless their income exceeds $10,950 (in 2011). Social Security benefits are generally NOT included in the income calculation unless your other income exceeds $25,000 if single or $32,000 if married. Refer to Table 1-1 on Page 6 of IRS Publication 17 for more information.
Image courtesy of user jgojtan on Pixabay.com
“This blog post, along with comments that may follow, should not be considered tax advice. Before you make final tax or financial decisions, please secure a professional tax advisor to give you advice about your unique situation. To secure Jason as your accountant, please click on the ‘Services’ link at the top of the page.”