Archive for the “Banking & Personal Finance” Category

A curious reader named Mel asks:

“I am 70 years old and Social Security is my only source of income.  Do I need to file a tax return?”

Well Mel, the answer is probably not.  Here is a quote directly from the IRS web site (IRS TAX TIP 2008-31):

How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income, your benefits are not taxable. Taxpayers who receive little or no income in addition to their Social Security Benefits would typically not need to file a tax return.

Of course, everybody’s tax situation is different so please consult with a tax professional to be sure that you do not need to file a return.

Thanks for the question, Mel.

Comments No Comments »