Senior
I’m single senior on social security if I my income is under 24 k for the year, do I have file income taxes question 2, cashing a Ira and income is under 24k do I need to file. Thank you very much.
I’m single senior on social security if I my income is under 24 k for the year, do I have file income taxes question 2, cashing a Ira and income is under 24k do I need to file. Thank you very much.
Permalink Submitted by Alan - IRA critic on Tue, 2013-06-11 18:01
For 2013, if your income is over 11,500 not counting SS, you have to file. If your other income plus 50% of SS is over 25,000, you have to include part of your SS benefit in your other income. These figures assume you have reached 65 and file the standard deduction. If you take a traditional IRA distribution, treat it as part of your income. There are some other situations where you have to file as well, such as selling stocks, bonds or mutual funds.