Find out if you need to file – missteps can be expensive
Not all seniors need to file a tax return, but others may incorrectly think they fall in this category – don’t make that mistake.
Retirement Tip of the Week: If you don’t plan to file a tax return this year, make sure you’re not required to do so. Failing to file leads to penalties. Single seniors need to file a tax return if they’re at least 65 years old and have gross income of $14,250 or more, according to the Internal Revenue Service. For seniors who are married where both spouses are 65 or older, they must file a return if their gross income was at least $27,800, and for couples where only one spouse is 65 or older, that amount is $26,450.
If you’re still unsure, the IRS can help. The agency has a tool on its site for individuals to know if they need to file a tax return. It asks questions about filing status, gross income and federal income tax withheld. There may be instances where retirees who don’t normally file a tax return might want to do so this year. Those who did not receive their third economic impact payment , for example, may want to file a tax return this year to receive the credit they’re owed, the IRS said.
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